Zip
Australian digital financial-services company best known for buy now, pay later products.
Last updated August 31, 2026
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Overview
Zip Co is an Australian digital financial-services company focused primarily on consumer credit and buy now, pay later (BNPL) services. Founded in 2013 by Larry Diamond and Peter Gray as Zip Money, the business initially offered a digital credit facility that allowed customers to make purchases and repay them over time. It subsequently introduced Zip Pay, a lower-limit product designed for more routine spending, including retail, health and online purchases. The company became publicly listed on the Australian Securities Exchange in 2015 under the name zipMoney Limited and the ticker ZML. Its expansion during the following years combined product development, technology investment and acquisitions. In 2016, Zip acquired Pocketbook, an Australian personal-finance application that helped users monitor spending, budgets and bills. In 2017, the company arranged substantial debt and equity funding and was recognised in Deloitte’s Technology Fast 500 APAC ranking. Later that year it changed its corporate name to Zip Co Limited, and in January 2018 its ASX ticker changed from ZML to ZIP. Zip broadened access to its services through a dedicated mobile application released on Google Play in 2018 and subsequently on Apple’s App Store. International expansion accelerated in 2019 through the acquisition of New Zealand-based BNPL company PartPay, which also had early operations in the United Kingdom. Zip also acquired SpotCap ANZ that year to enter unsecured business lending. In 2020 it acquired the remaining shares of New York-based Quadpay, creating a major operating platform in the United States and strengthening the group’s international BNPL position. The company continued pursuing international growth through acquisitions and investments. It acquired Middle Eastern BNPL platform Spotii in 2021 and European BNPL platform Twisto later that year. Zip also held minority interests in businesses including Payflex in South Africa and Twisto before acquiring full control of Twisto. Its international footprint was later narrowed: operations in Singapore ended in 2022, and the company began winding down its United Kingdom activities that year. The core operating markets identified by the company are Australia, New Zealand and the United States. Zip’s principal consumer products are digital wallets and credit accounts that can be used online or in physical stores where the service is accepted. Zip Pay is intended for everyday purchases and provides an interest-free repayment structure subject to account terms and fees. Zip Money offers a larger reusable credit facility and promotional interest-free periods. In 2023, Zip introduced Zip Plus, a higher-limit product with a stated interest rate applying in specified circumstances. The company has also discontinued or transferred several non-core offerings, including Pocketbook and parts of its small-business lending portfolio. Zip’s positioning reflects the broader fintech shift toward app-based payments, flexible installment credit and embedded checkout finance. Its services are distributed through merchant partnerships and digital channels rather than through a conventional branch network. The model gives consumers a way to spread the cost of purchases, while merchants can offer an alternative payment method at checkout. Like other BNPL providers, Zip operates in a highly regulated and competitive financial-services environment, with ongoing attention to affordability, fees, responsible lending, credit losses, funding costs and consumer protection.
History
Zip Co began in Australia in 2013 as Zip Money, founded by Larry Diamond and Peter Gray. The original business offered a digital credit product that enabled consumers to obtain goods immediately and repay over time. The company soon added Zip Pay, aimed at smaller and more frequent purchases across retail and health-related categories. In 2015, the business listed on the Australian Securities Exchange as zipMoney Limited under ticker ZML. Its early development combined merchant acceptance, consumer credit and financial-technology infrastructure. In 2016, Zip acquired Pocketbook, a personal-finance application that allowed users to link bank accounts, track spending, manage bills and set budgets. Pocketbook became one of the better-known Australian non-bank finance applications, but Zip later closed it as the group concentrated on its payments and lending operations. Zip strengthened its funding base in 2017 through a debt facility involving National Australia Bank and an equity investment from Westpac. That year it was also included in Deloitte’s Technology Fast 500 APAC ranking. In December 2017, the company adopted the name Zip Co Limited, generally trading as Zip, and in January 2018 changed its ASX ticker from ZML to ZIP. A dedicated Zip mobile application was released on Google Play in August 2018 and on Apple’s App Store later that year. The company’s first major international expansion phase began in 2019. Zip acquired New Zealand BNPL provider PartPay, which had early activity in the United Kingdom, and separately acquired SpotCap ANZ to enter unsecured business lending. Zip also announced a capital raising to support its international strategy. In 2020, it purchased the remaining interest in Quadpay, a New York-based BNPL company in which it had previously held a minority stake. Quadpay became an important vehicle for Zip’s presence in the United States. The international acquisition program continued in 2021. Zip acquired Spotii, a BNPL platform serving the Middle East, and acquired European platform Twisto. The company also had minority interests in other international BNPL businesses, including Payflex in South Africa. These transactions reflected an ambition to build a broad global installment-payments network, but the company subsequently reduced its geographic spread. Zip changed its ASX ticker presentation to ZIP in 2022, ceased Singapore operations in July of that year and began winding down its United Kingdom business in October. Zip has periodically reshaped its product portfolio. Its core Australian consumer offerings are Zip Pay and Zip Money, both digital-wallet-style accounts usable online and in stores through participating merchants. Zip Pay is designed for everyday spending with an interest-free structure subject to account conditions and fees. Zip Money provides a larger reusable facility and promotional interest-free periods. Zip Plus, introduced in 2023, added a higher-limit product with a stated interest rate applying in defined circumstances. The company also retired Zip Business Trade and Trade Plus for new transactions and later stopped offering Zip Business Capital to new customers. In 2024, Prospa acquired the Zip Business loan book. The contemporary Zip business is centred on Australia, New Zealand and the United States. Its model depends on mobile applications, merchant distribution, payment processing, consumer credit underwriting and access to funding. The company operates in a market shaped by competition from banks, card networks, payment platforms and other BNPL providers. Its long-term development has therefore involved both growth initiatives and retrenchment, including acquisitions, product launches, market exits and portfolio rationalisation. Regulatory scrutiny and litigation concerning consumer finance, affordability, fees and trademarks remain material considerations for the brand.
- 2024
Zip Business loan book transferred
[1]Prospa acquired Zip Business’s loan book.
- 2023
Zip Plus launches
[1]Zip introduced the higher-limit Zip Plus consumer credit product.
- 2022
Geographic and product retrenchment
[1]Zip ceased Singapore operations, began winding down the United Kingdom business and closed Pocketbook.
- 2021
Spotii and Twisto acquisitions
[1]The company acquired BNPL platforms Spotii and Twisto in the Middle East and Europe.
- 2020
Quadpay acquisition completed
[1]Zip acquired the remaining shares in Quadpay to consolidate its US BNPL operations.
- 2019
PartPay and SpotCap ANZ acquisitions
[1]Zip acquired PartPay and SpotCap ANZ, expanding internationally and entering unsecured business lending.
- 2018
Zip mobile app rollout
[1]Zip released its app on Google Play and later on Apple’s App Store.
- 2017
Corporate renaming and funding expansion
[1]The company secured major debt and equity funding, changed its name to Zip Co Limited and received recognition in Deloitte’s Technology Fast 500 APAC.
- 2016
Pocketbook acquisition
[1]Zip acquired personal-finance application Pocketbook.
- 2015
Australian Securities Exchange listing
[1]zipMoney Limited listed on the ASX under ticker ZML.
Products and positioning
A mobile-first fintech and BNPL provider offering flexible consumer payment and installment-credit options through merchant and digital channels.
Consumer BNPL and digital wallet
Zip Pay
Zip Pay is a digital wallet and consumer credit account intended for everyday purchases online and in physical stores. Customers can make a purchase immediately and repay it under the account’s monthly statement structure. The product is marketed as interest-free under specified conditions, although account fees and minimum repayment requirements can apply. It is positioned below Zip Money in typical credit limit and is designed for routine retail, health and lifestyle spending.
Consumer installment credit · 2013
Zip Money
Zip Money is a reusable digital credit facility for larger consumer purchases. It can be used online and in stores through participating merchants and provides promotional interest-free periods subject to the applicable account terms. Compared with Zip Pay, it is designed for higher-value transactions and offers a larger potential credit limit. Zip Money remains one of Zip’s principal consumer offerings in its Australian market.
Higher-limit consumer credit · 2023
Zip Plus
Zip Plus was introduced in 2023 as a higher-limit consumer credit product. It offers a larger credit range than the standard Zip Pay account and uses a different pricing structure. According to the referenced description, a stated annual interest rate can accrue daily when the balance exceeds a specified threshold at the end of a month, alongside a monthly fee. The product broadens Zip’s range beyond its traditional interest-free positioning.
Installment payments
Zip Pay in 4
Zip Pay in 4 is an installment-payment format that divides an eligible purchase into multiple scheduled repayments. It represents Zip’s effort to provide a simple checkout product alongside its reusable digital-wallet and credit-account offerings. Availability, pricing and repayment rules depend on the market and product terms.
Personal-finance application · 2012
Pocketbook
Pocketbook was a freeware personal-finance application acquired by Zip in 2016. It enabled users to link bank accounts, monitor spending, create budgets and manage bills. The application was one of Australia’s prominent non-bank finance apps, but Zip announced its closure in 2022 and the service subsequently shut down.
Small-business lending
Zip Business Capital
Zip Business Capital provided unsecured lending to small and medium-sized businesses, with facilities described as reaching substantially higher limits than Zip’s consumer products. The product formed part of Zip’s attempt to diversify beyond consumer BNPL. It was no longer offered to new customers by 2023, and the associated loan book was acquired by Prospa in 2024.
Controversies
2026
Firstmac trademark dispute
The High Court of Australia upheld a Federal Court finding that Zip Co infringed intellectual property associated with Firstmac’s earlier registered use of “Zip” for a loan product. The court rejected Zip’s reliance on an honest-concurrent-use defence, according to the referenced account, finding that Zip had deliberately targeted the earlier mark.
Brand decisions
2024
Transfer the Zip Business loan bookM&ABackground
Zip continued reducing exposure to parts of its small-business lending activities.
Action taken
Prospa acquired Zip Business’s loan book.
Aftermath
The transaction further focused Zip on its core consumer payments and BNPL operations.
2023
Launch Zip PlusProduct launchBackground
Zip expanded its consumer offering beyond traditional interest-free BNPL accounts.
Action taken
It introduced Zip Plus, a higher-limit account with a separate interest and fee structure.
Aftermath
The launch added a more conventional credit product to Zip’s consumer portfolio.
2022
Reduce geographic and product scopeStrategyBackground
After a period of international expansion, Zip reassessed markets and non-core products.
Action taken
The company exited Singapore, began winding down the United Kingdom business and closed Pocketbook.
Aftermath
Zip concentrated its operations more heavily on Australia, New Zealand and the United States.
2020
Complete the Quadpay acquisitionM&ABackground
Zip aimed to build a significant presence in the United States BNPL market.
Action taken
Zip acquired the remaining shares in New York-based Quadpay.
Aftermath
Quadpay became a central component of Zip’s US operations and international growth strategy.
2019
Acquire PartPay and SpotCap ANZM&ABackground
Zip sought international BNPL growth while also expanding into unsecured business lending.
Action taken
It acquired New Zealand BNPL provider PartPay and Australian-New Zealand lender SpotCap ANZ.
Aftermath
The transactions broadened Zip’s geographic reach and product scope and helped establish the platform for its later Quadpay expansion.
Recent events
- 2024
Prospa acquires Zip Business loan book[1]
M&A
Prospa acquired Zip Business’s loan book, continuing Zip’s retreat from parts of its small-business lending activity.
- 2023
Zip introduces Zip Plus[1]
Product launch
Zip launched Zip Plus, a higher-limit consumer credit product with different pricing and interest conditions from its traditional interest-free offerings.
- 2022
Zip closes Pocketbook[1]
Other
Zip announced the closure of its Pocketbook personal-finance application, which was subsequently shut down.
- 2022
Zip exits Singapore and winds down the United Kingdom business[1]
Other
Zip ceased operations in Singapore and began withdrawing from the United Kingdom as it narrowed its geographic focus.
- 2021
Zip acquires Spotii[1]
M&A
Zip acquired Middle Eastern BNPL platform Spotii as part of its international expansion program.
- 2021
Zip acquires Twisto[1]
M&A
The company acquired European BNPL platform Twisto, extending its presence in European payments before later concentrating on fewer core markets.
- 2020
Zip completes acquisition of Quadpay[1]
M&A
Zip acquired the remaining shares of United States BNPL company Quadpay, consolidating its US expansion platform.
- 2019
Zip Co acquires PartPay[1]
M&A
Zip acquired all shares in New Zealand BNPL company PartPay, supporting expansion into international markets and providing an indirect interest in Quadpay.
- 2019
Zip Co acquires SpotCap ANZ[1]
M&A
The acquisition expanded Zip’s activities into unsecured lending for businesses in Australia and New Zealand.
Sources9 sources
- 1Zip Coen.wikipedia.org
- 2Zip Co official websitezip.co
- 3Australia-based Zip Acquires Dubai’s Spotii for $16.3 Millioncairoscene.com
- 4Australia's Zip acquires Spotiiwamda.com
- 5BNPL Payment Provider Zip Co Launches New Partnership with Microsoftprnewswire.com
- 6Mercari Partners with Zip Bringing People a Better Way to Shop Unused Items of Valueinvestingnews.com
- 7Payflex acquired by Zip, massive growth planned - Hypertexthtxt.co.za
- 8Zip Closes $100 Million in Debt Funding From Victory Park Capitalibtimes.com.au
- 9Zip Co appoints new director of global communicationsmumbrella.com.au
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