Daily Price Movement / General Discussion, page-27941

Citi cautious on Quadpay’s rebrand to Zip, Diamond travels to Silicon Valley

Tom Richardson

Broker Citi says its analysis of website visits and app download data suggests Quadpay’s rebrand to Zip could be negatively impacting momentum in the US, with website sharply declining since the rebrand.

The broker wrote: “App downloads seem to be less impacted, however total app downloads declined for the 5th consecutive month which points to downside risks to our customer growth forecasts. In our view increasing app usage has been a key driver of Zip’s TTV growth in the US in recent quarters – app usage has remained stable in recent months which suggests that overall transaction volumes may not be impacted.”

Zip Co chief executive Larry Diamond travelled to Silicon Valley as Quadpay rebrands to Zip Co.

Citi said the impact of the rebrand suggests downside risk to its H1 FY 2022 forecasts.

Zip co-founder Larry Diamond travelled to Silicon Valley in the US this week.

This morning Quadpay’s US rival Affirm reported gross merchant value doubled in its fourth quarter. Affirm recently became the first buy now, pay later player to sign a partnership deal with Amazon.

Zip Co shares are up 4.2 per cent over the last year to last close at $6.69.

Tom is at it again, this time on Z1P