Zip Co (ASX:Z1P) to raise $60m through placements

Company News

by Rachael Jones

Zip Co (ASX:Z1P) has received firm commitments to raise $60 million before costs via a placement.

The amount of funds raised under the Placement was increased to $60 million, from the previously announced amount of $50 million, based on significant investor demand.

Proceeds to be used predominantly to fund Zip’s global expansion into the UK market, expand their product range including the launch of Zip Biz, increase investment in product and technology, and strengthen Zip’s balance sheet.

In addition, Zip will offer all existing eligible shareholders the opportunity to participate in the capital raise under a Share Purchase Plan to be capped at $10.0 million.

Shares in Zip Co (ASX:Z1P) are trading 3.8 per cent lower at $3.77.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.