Ann: ZIP Completes A$217M Equity Placement at 2.8% Discount, page-58

Sorry not sure if you are taking the piss or really want to know, It is this simple, Zip extends you credit on your account, you buy something, Zip needs to send the money to the merchant so Zip borrows it, then zip recovers the money from you including fees if you take time to pay, then Zip sends money to lender to pay back its own borrowing

Zip is not funding from shareholder funds that was all pissed against the wall with poor investment choices and the monstrous directors salaries. Zip might have a 1.8 billion market cap but thats based on the stockmarket, but from a financial perspective there is a big multi million dollar loss sitting in that balance sheet from write downs and expenses and offsetting receivables and payables.