Zip Co sees Pocketbook achieve all required milestones

Company News

by Rachael Jones

Financial technology company Zip Co (ASX:Z1P) has announced that Pocketbook has met all performance milestones set at the time of its acquisition by Zip in September 2016.

Pocketbook is now one of Australia’s most popular apps in the personal finance sector with a user base of more than 530,000, having more than doubled since the acquisition.

Zip acquired Pocketbook for an upfront consideration of $6 million plus a deferred consideration of up to an additional $1.5 million payable in Zip shares to be issued within two years from completion, subject to the achievement of various performance milestones.

Shares in Zip Co (ASX:Z1P) are down 0.91 per cent to $1.08.