zipMoney posts strong 1H results

Company News

by Jessica Ellerm

zipMoney Limited (ASX:ZML) has reported revenue growth of 722 per cent for the first half of FY17 compared to the prior corresponding period.

The point-of-sale finance company also reported growth in its receivables portfolio of 115 per cent over the half year, with its book growing from $40.7M at 30 June to just over $87M at 31 December.

Credit performance was in line with company expectations, with the reported arrears rate hitting 1.5 per cent at 31 December.

The company has posted a net loss for the half year, up slightly on 2015’s results, as it contines to invest in its sales efforts and product development.

In other news, zipMoney has secured a new $200M financing arrangement with a major Australian bank to continue to fund its growing loan book.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.