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    Z1P   AU000000Z1P6

ZIP CO LIMITED

(Z1P)
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Australia's Zip mulls crypto trading option as BNPL race heats up

07/22/2021 | 12:03am EDT

* Zip aims to launch crypto trading in Australia, U.S.

* To rename U.S. unit to bring it under one global brand

* Shares slide 6% as volumes, revenue miss estimates

July 22 (Reuters) - Australian buy now, pay later (BNPL) firm Zip Co Ltd is looking to provide users a chance to trade in cryptocurrencies, co-founder Peter Gray said on Thursday, as established players in the sector test newer areas of business to power growth.

With the United States driving its fourth-quarter growth and the country set to soon become its biggest market by volumes, Zip said it would likely launch the new service there and in Australia in the next 12 months.

Gray said trading in crypto using Zip digital wallets was one of the most requested new product features from users, but did not give more details on how the trading would work.

The company is vying to close ranks with bigger rivals Afterpay and Klarna, which are expanding into more countries and plotting new offerings as the BNPL sector attracts deep-pocketed names like PayPal and reportedly Apple.

As competition intensifies, Afterpay had earlier this month said it would launch a banking app in October.

The rush of big players shows the popularity the sector has gained during the pandemic as young shoppers looked for easier access to credit.

"We know our younger generation of customers seek additional products and services that are relevant to them," Gray told Reuters.

He said a broader range of products such as budgeting tools for Zip users, was likely to be launched first in Australia, given the market is mature and around 30% of adults have a BNPL account.

As Zip's global expansion picks pace with deals for firms in Europe and Middle East, the company said its U.S. unit, Quadpay, will be rebranded as Zip to consolidate the brand under one name.

Shares of Zip, however, fell 7%, as its fourth quarter volumes and revenue more than doubled but missed some analysts' expectations.

Group transaction volumes hit A$1.76 billion ($1.29 billion) in the June quarter, missing estimates by UBS and RBC Capital Markets, even as volumes at its U.S. unit quadrupled. ($1 = 1.3600 Australian dollars) (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Arun Koyyur)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AFTERPAY LIMITED -0.38% 126.23 End-of-day quote.6.97%
APPLE INC. 0.51% 146.715 Delayed Quote.9.92%
PAYPAL HOLDINGS, INC. 1.99% 277.4 Delayed Quote.16.29%
ZIP CO LIMITED 4.33% 6.51 End-of-day quote.23.06%
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Financials
Sales 2021 388 M 283 M 283 M
Net income 2021 -508 M -371 M -371 M
Net Debt 2021 1 583 M 1 154 M 1 154 M
P/E ratio 2021 -6,68x
Yield 2021 -
Capitalization 3 839 M 2 788 M 2 799 M
EV / Sales 2021 14,0x
EV / Sales 2022 8,99x
Nbr of Employees 1 049
Free-Float 78,3%
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Technical analysis trends ZIP CO LIMITED
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 13
Last Close Price 6,51 AUD
Average target price 8,20 AUD
Spread / Average Target 26,0%
EPS Revisions
Managers and Directors
Larry Diamond Chief Executive Officer, Executive Director & MD
Martin Brooke Chief Financial Officer
Diane Lee Smith-Gander Chairman
Adam Finger Chief Information Officer
Peter Gray Chief Operating Officer & Executive Director
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