Following Zip’s recent year-end results, which showed record transaction volumes (TTV) of $8.9 billion (up 7.0% YoY) and record group revenue of $693.2 million (up 16.1% YoY), the announcement was made. In the US, Zip ended FY23 with sustainable positive cash EBTDA.
Primer integrates payment and commerce services and offers a potent collection of tools for payment recovery, success, and insights, giving organisations unmatched flexibility and visibility throughout the lifecycle of their payments. They will work with Zip to access and connect additional card issuers and processors, fraud detection, and communication technologies to increase revenue, while utilising features like fallbacks to cut expenses and prepare for emergencies.
With plans for Primer to additionally integrate Zip as a payment option, the agreement with Primer will further promote distribution of Zip’s BNPL service, lender WebBank, allowing businesses in the retail, fashion, travel, and mobility sectors to easily add Zip to their payments stack.
We are honoured to serve as Zip’s infrastructure of choice. We help top organisations like Zip to reduce payment expenses and seize untapped revenue opportunities by providing localised payments knowledge, optimisation features, and data. Similar to Zip, Primer has had significant growth in the U.S., and we estimate a spectacular 30-fold increase in payment volume there in 2023. We are so excited to start working with Zip and to support their expansion plans in the North American market.
BNPL services only make up 2% of all payments in the US, when the total addressable market is $11 trillion. In addition to accelerating Zip’s development trajectory, our agreement with Primer puts us in a position to take advantage of this enormous market opportunity in a scalable and sustainable way.
ASX-listed Leading worldwide financial services provider Zip Co Limited (ASX: ZIP) offers cutting-edge, customer-focused products that connect buyers and sellers. With a goal of becoming the first payment option everywhere and every day, Zip provides point-of-sale credit and digital payment services all over the world, linking millions of customers with its global network of tens of thousands of merchants, among other things, through strategic investments. Individual customers are given fair, adaptable, and transparent payment options by Zip, enabling them to take charge of their financial future and assisting enterprises to expand. Zip is dedicated to responsible lending, and its management group has over 100 years of combined experience in payments and retail finance.
The unified infrastructure for international payments and trade is called Primer. Primer provides merchants with the tools to easily optimise performance, build quickly, and grab untapped revenue in order to achieve unstoppable growth through the payments and commerce ecosystem.
Primer provides services to industry leaders in ticketing, fintech, travel & mobility, and retail & e-commerce across more than 35 countries. The likes of Silicon Valley powerhouses Iconiq, Accel, Balderton, and RTP Global have invested over US$74M in it.