Forbes October 2023Today, the business has 6.2 million active...

Forbes October 2023

Today, the business has 6.2 million active customers globally. And the US continues to present the largest

opportunity, Diamond says. That’s thanks to a load of underserved customers in the US who are looking for access to fair credit and are locked out of the traditional financing system, he says.

According to a 2021 Federal Deposit Insurance Corporation report, around 4.5% of US households (approximately 6 million) were unbanked, meaning no one in the household had a checking or savings account at a bank or credit union. That figure is up near 20% when you include underbanked households. This population relies on alternative financial products and services.

“There is a huge opportunity for a player like Zip to meet the needs of those customers,” Diamond says.