Zip Conquering The US
A better than expected quarter for BNPL provider Zip Co was driven by a rapidly growing US customer base in a still underpenetrated market.
BNPL provider Zip Co reported September quarter cash earnings of $63m, almost twice that of a year ago and ahead of consensus forecasts.
- US total transaction value (TTV) grew 47% year on year in constant currency terms.
- Average spend per customer grew 27% year on year versus transactions growth of 18%.
Zip offers customers “Pay in 4” and “Pay in 8” options.
Citi believes growth is being driven by increasing adoption of “Pay in 8”.
Author's summary: Zip Co's US expansion drives earnings growth.
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