Zip Co Limited

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Zip Co Limited
Public limited company
Traded asASXZ1P
IndustryFintech, consumer finance, e-commerce
HeadquartersSydney, New South Wales, Australia
Area served
Australia, New Zealand
Key people
  • Larry Diamond (Co-founder, CEO)
  • Peter Gray (Co-founder, COO)
ProductsZip, Zip Money, Pocketbook

Zip Co Limited (ASX:Z1P) previously known as ZipMoney Limited (ASX:ZML)[1] is an Australian public limited financial technology company.[2][3] The company was founded in 2013 and is headquartered in Sydney.[1] It currently has around 10,000 retail partners and 1,200,000 customers in Australia.[4]


The company was founded by Larry Diamond and Peter Gray in 2013 as Zip Money, and offered a interest free finance product of the same name.[5] The organisation soon launched a second product, Zip Pay, to cater for everyday purchases, including retail and health. In 2015, Zip was listed on the Australian Securities Exchange as zipMoney Limited (ASX: ZML) and to date has raised more than $65 million in funding.[6][7][8] In 2016, Zip acquired Pocketbook, one of the most popular finance apps in Australia.[9] In 2017, Zip secured a $260 million debt facility with $200 million in funding from National Australia Bank, and a $40 million equity investment from Westpac Bank.[8] Zip was also ranked #7 on Deloitte’s Technology Fast 500 APAC.[10] In December 2017, the company changed its name from ‘ZipMoney Limited’ to ‘Zip Co Limited’, Zip Pay now known simply as Zip and in January 2018, the ASX ticker code was changed from ‘ZML’ to ‘Z1P’.[11]

In August 2018, the Zip app was launched in the Google Play Store.

In August 2019, Zip Co acquired 100% of the shares in PartPay Limited which it hopes will give it an entry into the UK market.[12]

In September 2019, Zip Co acquired SpotCap ANZ to enter the "buy now, pay later" lending and market.[13]

Service overview[edit]

The Zip digital wallet has two types of interest free accounts, Zip Pay and Zip Money. These accounts can be used with retail partners online and instore anywhere Zip is accepted. The company is also owner and developer of freeware app Pocketbook, which is one of Australia’s largest non-bank financial apps.[14]


Zip is a digital wallet that allows customers to purchase immediately and pay later, both instore and online. It provides an interest free service until end of each month leaving a $6 fee. Accounts are available from $250 up to $1,000.[15]

Zip Money[edit]

Zip Money is also a digital wallet allowing customers to purchase immediately and pay later, both instore and online. It provides 6 months interest free service, providing a reusable amount of up to $30,000.[16][17]


Pocketbook is a freeware budget planner and personal finance app launched in 2012 and acquired by Zip in 2016.[18][19] Users can set up and manage budgets, track spending and manage bills with this app.[20] Pocketbook is the first personal finance app in Australia to offer users the ability to manage their money through linking their bank accounts.[21] As of 2016 Pocketbook claims to support over 250,000 Australians,[22] in January 2018 that number was 435,000.[23]


  1. ^ a b "How zipMoney Could Shake Up Australia's Entire Retail Finance Market". Canstar. 10 August 2017. Retrieved 23 August 2018.
  2. ^ Carroll, Andrew (6 August 2018). "Zip Co Limited (ASX:Z1P): When Will It Breakeven?". Simply Wall St. Retrieved 23 August 2018.
  3. ^ "Trading Action Moving Zip Co Limited. (Z1P.AX)'s Shares 4.59% in Session". Retrieved 23 August 2018.
  4. ^ "Is Zip Co Ltd still a buy after 20% surge?". Motley Fool Australia. 30 January 2018. Retrieved 23 August 2018.
  5. ^ "Chaotic, rewarding hyper-growth: zipMoney's Larry Diamond on the fintech startup's success". 29 September 2017.
  6. ^ "Loan star: ZipMoney raises $5 million and lists on ASX - SmartCompany". 21 September 2015.
  7. ^ "zipMoney raises $20.6m".
  8. ^ a b "Westpac invests $40 million in startup zipMoney". 7 August 2017.
  9. ^ Yoo, Tony (23 May 2017). "How a spreadsheet born in a Sydney living room became a fintech with 300,000 users".
  10. ^ "Technology Fast 500™ APAC Winners - Deloitte - Technology, Media & Telecommunication". Deloitte Australia.
  11. ^
  12. ^ "Z1P (ASX) Ann: Zip debuts on the global stage, acquiring PartPay". HotCopper. Retrieved 11 September 2019.
  13. ^ "Z1P (ASX) Ann: Zip acquires Spotcap Aus/NZ, fast tracking Zip Biz BNPL". HotCopper. Retrieved 11 September 2019.
  14. ^ Lim, Jason. "Aussie Personal Finance Startup Pocketbook Hits 100,000 Users".
  15. ^ "Zip targeting $1b of sales and 1m customers". 7 August 2018.
  16. ^ "ZipMoney lands largest debt facility in Australian fintech history with $260 million led by NAB".
  17. ^ "How ZipMoney has scaled".
  18. ^ "Keeping your hip pocket healthy". The Australian. 2 May 2016. Retrieved 5 January 2017.
  19. ^ Lim, Jason. "Aussie Personal Finance Startup Pocketbook Hits 100,000 Users". Forbes. Retrieved 5 January 2017.
  20. ^ Courtenay, Adam (1 June 2016). "Best apps to manage your money". The Sydney Morning Herald. Retrieved 5 January 2017.
  21. ^ Williams, Hayley. "Top Five Apps For Tax Time". Lifehacker. Retrieved 5 January 2017.
  22. ^ "Afterpay and zipMoney: New instalment of old idea gains momentum". The Australian. Retrieved 7 February 2017.
  23. ^ "Z1P Quarterly Report" (PDF).

External links[edit]