Zip has reported a positive cash profit against expectations for...

Zip has reported a positive cash profit against expectations for a loss, as growth in its United States Quadpay business accelerates and now represents more than half of group revenue.Zip, which operates in nine markets, said $2.3 billion of transaction volume had gone across its platform in the first half, up 141 per cent compared to the previous first half. This delivered revenue of $160 million, bang on market expectations.Most analysts were expecting cash given the investment spending to take the company offshore but Zip said its cash EBITDA was $200,000 and its reported net loss was $14.8 million. Net bad debts were 1.93 per cent of sales and falling.Zip’s total customers were 5.7 million at the end of December, almost double a year earlier, with Quadpay now bigger than Zip in Australia with 3.2 million customers in the US. Zip launched in the UK in December and it has invested in buy now pay later start-ups in Europe and the Middle East.“We genuinely believe the opportunity for Zip significantly grows each and every day as we continue to execute, build momentum and accelerate the global shift away from the broken and unfriendly credit card towards a better, fairer digital alternative,” Zip CEO Larry Diamond said in a statement.