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.