"The Australian BNPL outfit entered into an agreement with CVI...

"The Australian BNPL outfit entered into an agreement with CVI Investments to raise up to $200 million by way of the issue of convertible notes and the exercise of warrants.

CEO Larry Diamond says the proposed capital investment from Susquehanna will allow Zip to hit the ground running as it scales up operations, while protecting shareholder interests by limiting dilution.

Zip already owns a 14 per cent interest in QuadPay, inherited in August following the purchase of New Zealand-based instalment payments provider and QuadPay equity holder PartPay Limited.

On completion of the acquisition, QuadPay shareholders will be entitled to receive up to a maximum of approximately 119 million fully paid ordinary Zip shares, equivalent to 23.3 per cent of the issued share capital of Zip.

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