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.

http://www.startupsmart.com.au/advice/funding/sydney-startup-secures-20-million-in-funding-to-aggressively-turbocharge-growth-plans/