* Record revenue, transaction volume, customer growth
* Took stake in BNPL Philippines in the third quarter
* Made initial launch in Canada in the third quarter
April 13 (Reuters) – Australia’s buy-now-pay-later (BNPL) Zip Co Ltd on Tuesday posted record revenue, transaction volume and customer growth in the third quarter and announced plans to expand into Canada and Southeast Asia, shipping shares. jumped by more than 11%.
The strong performance was driven by growth at Quadpay, its US unit, where subscribers, volume and revenue grew in the triple digits as competition with bigger rivals Afterpay, Klarna and Affirm in the world’s top economies heated up.
Zip, which has strengthened its international presence to better compete, took a strategic stake in the Philippine company TendoPay and did a soft launch in Canada during the quarter.
In December, Zip raised A $ 150 million in capital to fund its expansion in the United States, United Kingdom, and took shares in companies in the Middle East and Eastern Europe.
In the third quarter ending March, transaction volume more than doubled from a year earlier to A $ 1.6 billion ($ 1.22 billion), while revenues totaled A $ 114.4 million, up 80%.
Active subscribers totaled 6.4 million, supported by a 19% increase in the US from late December, while the number of traders on its platform stood at 45,300.
“3Q was a weak quarter on a seasonal basis, but at the current pace of current US business in particular and the growing customer and trader base at ANZ, regional expansion bodes well for 4Q21,” wrote RBC Capital Markets in a client note.
In Australia, net bad debt fell to 1.78% from 1.93% three months earlier. Zip does not provide numbers for the United States.
“Our US business has come to prominence again, affirming our position as truly one of the fastest growing global BNPL leaders,” said Zip Chief Executive Officer Larry Diamond.
The stock jumped as much as 11.2% to A $ 9.25, before easing some of that gain to trade 9% higher after an hour of trading. ($ 1 = 1.3130 Australian dollars) (Reported by Nikhil Kurian Nainan in Bengaluru; Edited by Subhranshu Sahu)