Westpac Group has offloaded its 10.7% stake in fintech Zip Co Limited (ASX: Z1P) in a deal that should net the bank around $300 million in profit. The sale comes 24 hours after the bank announced a collaboration with Afterpay that will see the rival BNPL service offer a savings account and other cashflow management… Read more »
Fintech Zip (ASX: Z1P) announced the launch of a new virtual tap and go buy-now-pay-later credit card that can be used with Apple Pay and Google Pay to purchase products as part of a new partnership with Visa today. Called “Tap & Zip”, the fintech says the product reimagines instore BNPL, which is currently offered… Read more »
Sydney fintech Zip Co Ltd (ASX: Z1P) will let customers use Apple Pay and Google Pay to purchase products as part of a new virtual tap and go buy-now-pay-later (BNPL) credit card in a partnership with Visa. Called “Tap & Zip”, the fintech says the product reimagines instore BNPL, which is currently offered by just… Read more »
Financial platform Douugh makes its ASX debut in a reverse takeover of suspended telco Ziptel. The former Ziptel will be resinstated for trading as Douugh (ASX:DOU) when the market opens for trading at 10am today. Financial reports lodged with the ASX ahead of the relisting reveal that Douugh lost $1.29 million in FY2020, down from… Read more »
Shares in fintech MoneyMe (ASX: MME) have jumped more than 12% in opening trade on Tuesday after the company announced a new $167 million warehouse funding facility led by Westpac, that will cut its funding costs by more than 50%. The company put its shares in a trading halt yesterday pending the announcement. The deal… Read more »
Shares in buy-now-pay-later fintech Afterpay (ASX:APT) are down more than 6% trade on Thursday after the company announced Chief Financial Offer (CFO) Luke Bortoli will step down after three years in the role. Rebecca Lowde, Chief Executive of ASX-listed Salmat, and the former CFO of fintech Bravura Solution, will become CFO on October 6. Afterpay… Read more »
The elephant entered the buy now, pay later (BNPL) room on Tuesday and the rockstar stocks of the ASX took a massive hit as a result. PayPal announced the launch of its ‘Pay in 4’ platform in the US, which mimics Afterpay’s 4 instalment solution. The announcements sent Australian-listed BNPL shares into a nosedive, with… Read more »
FY20 global Underlying Sales increasing 112% to $11.1 billion Run rate of over $15b per annum (based on Q4 trading). EBITDA $44.4m, up from Fy19’s $25.7m Net transaction loss $22.2m, down 48% on $42.8m in FY19 Gross loss as a % of underlying sales improved to 0.9% from 1.1% Underlying sales contribution from international markets… Read more »
Buy-now-pay-later rockstar Afterpay (ASX:APT) releases its 2020 financial year results today. The company’s share price has been on a tear since it plunged to $8.90 on March 23 this year as uncertainty about the impact of Covid-19 hit markets. Last night it closed down slightly at $90.72 at Wednesday’s close, having hit yet fresh record… Read more »
BNPL fintech Zip is turning its attention to small business lending, launching Zip Business just 48 hours after rival Afterpay announced its European expansion plans. Zip shares have skyrocketed again, rising nearly 19% to $8.99 in the first 90 minutes of trade today, having started the week at $6.56. With its annual FY2020 results announced… Read more »
When founder Rod Drury listed his cloud-based accounting platform Xero with an IPO on the New Zealand stock exchange in 2007, raising NZ$15 million, the company was less than a year old, had no sales and less than 100 customers. It had a market capitalisation of NZ$55 million. Analysts at the time joked that Xero… Read more »
ASX-listed buy-now-pay-later stocks continue to be catnip for investors with shares in Afterpay and Zip Co. both soaring to fresh highs on Monday following performance updates ahead of both companies releasing their FY2020 results on Thursday. Afterpay (ASX: APT) shares rose 4.79% on Monday to close a new record of $82.73 after announcing plans to… Read more »
Accounting software giant Xero Ltd is moving into lending to small business through invoice financing, announcing plans to acquire Sydney startup Waddle for up to $80 million. Xero (ASX: XRO) said the acquisition of the cloud-based lending platform aligns with its strategy to grow the small business platform and to address critical small business financial needs. “Waddle’s… Read more »
Revenue up 23% on FY19 to $429.4m Operating profit flat at $80.5m Net profit after tax up 197% to $160.8m Underlying NPAT flat at $52.6 million Dividend of 1.6 cents per share Shares in Sydney-based logistics tech company WiseTech Global skyrocketed 34% on Wednesday following the release of its 2020 financial year results. The Company… Read more »
Kogan.com co-founders Ruslan Kogan and CFO David Shafer a selling a 6.9% stake in the business as the company’s share price soars to record highs following its FY20 results this week. In a note to the ASX this morning, the company (ASX: KGN) said the duo are selling 7.3 million shares. Kogan shares hit $22.99… Read more »
Antler Sydney just invested more than $2 million in its largest-ever cohort of new startups
Victoria is easing lockdown restrictions – amid hopes to open up more ahead of November 1
Afterpay shares crashed through the $100 barrier after announcing a savings account deal with Westpac
Facebook boss Sheryl Sandberg’s advice for women to ‘lean in’ and be more confident doesn’t help – and the data shows it
Daily startup news and insights, delivered to your inbox.
