Perth based provider of consumer financing plans for online shopping raised $20.6m in equity capital through an institutional placement (zipMoney is listed on the ASX). The investor list was undisclosed.
The large cash injection will be used to provide loan book equity capital and accelerate expansion plans, zipMoney co-founder and managing director Larry Diamond says. “We’re here to build a very large business and need a large amount of capital to do that,” Diamond tells StartupSmart. “It’s a bit of an inflection point for us. The ability to raise such a large round really validates our business model in the space. “It’s a turning point. With the significant sum of money we’re able to aggressively turbocharge our roll-out across Australia.” The funding will also be used to acquire fellow fintech startup Pocketbook for up to $7.5 million.