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Zip records 131% year-on-year revenue increase 

Buy now pay later firm Zip - which works with boohoo, PrettyLittleThing and Go2Games in the UK - has recorded revenues of 155.5m Australian dollars (AUD) (£85.2m) in the first half of its 2021 financial year.

Of this, AUD58.2m (£31.9m) was made in the US, and AUD97.3m (£53.3m) in Australia and New Zealand. Overall, this is a year-on-year increase of 131%.

In terms of customers, it has grown to 5.7 million people - a 217% year-on-year increase when compared to the year previously. The amount of consumers it had in the US didn’t change, staying at 3.2 million people, while its customer base in Australia and New Zealand went up by 39% to 2.5 million individuals.

Over the course of the same period, the firm made AUD2.3bn (£1.2bn) from its transaction volume - an increase of 141% when compared to the same period last year. Its US segment made AUD790.7m (£433.6m) in the first half of 2021, while Australia and New Zealand made it AUD1.5bn (£822m).

Zip’s managing director and chief executive Larry Diamond: “We genuinely believe the opportunity for Zip significantly grows each and every day as we continue to execute, build momentum, and accelerate the global shift away from the broken and unfriendly credit card, towards a better, fairer digital alternative.”

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