Market Mover | ZIP shares surge over 11%, announced strategic partnership with Stripe

Zip has announced a partnership with the US-based Stripe, integrating it as a payment method for merchants using Stripe in the United States. Through this integration, eligible US merchants can enable Zip as a payment option with just a click in their Stripe dashboard, offering Buy Now, Pay Later (BNPL) at checkout to their customers. This is expected to attract new customers, improve conversion rates, and increase basket sizes.

After partnering with Australian Stripe last year, Zip is now extending its collaboration to merchants in the United States. Building on the successful partnership in Australia, Zip is poised to replicate its success in the US market. With 6 million active customers and more than 79,000 merchants across the US, Australia, and New Zealand, Buy Now, Pay Later (BNPL) has solidified its position as a mainstream payment option. Zip's unique algorithms welcome a broader demographic to access credit, not only introducing new customer segments to the brand but also meeting the needs of those who have been traditionally underserved by financial institutions.

Zip co-founder and US CEO Larry Diamond stated in a press release,

The expansion of payment options in the US is set to provide significant growth opportunities.

ZIP reported a year-on-year increase of 27.9% in revenue for the second quarter on January 22, 2024, reaching AUD 223.6 million. The company is set to release its annual results for the fiscal year 2024 on August 27, 2024.