Australian buy-now pay-later (BNPL) giant Zip Co (ASX: Z1P) is now generating more than $10 billion in transactions annually based on its November trading update, which also saw the company deliver a record month.
According to its latest ASX update, Zip saw transaction volume of $906.5 million in November, up by 52 per cent - or $310.5 million - on the same month in 2020.
Based on its November results, transaction volume is now annualising at more than $10 billion from 9.2 million customers globally - up 71 per cent year on year.
The company’s BNPL product for businesses, Zip Business, also delivered record transaction volume of $15.2 million, up 44 per cent on October 2021.
Zip managing director and global CEO Larry Diamond said November was a strong month for the company, demonstrating the “tremendous growth” achieved in the space of a year.
“Zip now has one of the largest BNPL footprints geographically with the aim of servicing its global merchants and partners in a simple and easy format,” said Diamond, who is also the company’s co-founder.
“We have bolstered the global executive team to beer handle both regional and functional execution, and remain driven as ever to achieve the best long term outcomes for our customers, merchants and shareholders. A significant portion of the management team and the employees’ assets and remuneration is tied to the share price, and feels these gyrations alongside our loyal investor base.
“Zip remains steadfast in its mission to disrupt the unfair and broken credit card with a better and fairer digital alternative, and becoming the first payment choice everywhere and every day.”
While most of Zip’s transactions by volume are processed in ANZ (at $439.9 million in November from 4.4 million), the US market is creeping up, with $403.2 million generated in the month from just 2.2 million transactions.
The UK witnessed 911 per cent growth in transaction volume in November to reach $11.8 million from approximately 100,000 transactions.
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