ZipMoney secures $40m investment from Westpac Bank

Company News

by Jessica Amir

ZipMoney (ASX:ZML) 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.

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