has secured a $40 million strategic investment from Westpac Banking Corporation (ASX:WBC)
through a private share placement.
The buy now, pay later platform says the relationship is truly transformational and strong validation of its unique and anti-fraud technology.
In addition to the equity investment, Westpac will be granted 9.8 million performance options (subject to ZipMoney shareholder approval). The exercise price of $0.81, if exercised will equate to about $8 million.
ZipMoney says the transaction represents one of the largest fintech equity investments in Australia.
Shares in ZipMoney (ASX:ZML)
are trading 14.79 per cent higher to $0.82.