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zipMoney secures $40m strategic equity investment from Westpac

Corporate and M&A
zipMoney secures $40m strategic equity investment from Westpac
Arnold Bloch Leibler has acted for ASX listed zipMoney Limited (ASX: ZML) as it has entered into a strategic relationship with Westpac, with the intention to explore the rollout of zipMoney’s products and services across Westpac’s payments network. As part of the relationship, zipMoney has secured a $40m strategic equity investment from Westpac.

The transaction represents one of the largest fintech equity investments in Australia. 

Westpac will become a new substantial shareholder in zipMoney with approximately 17.17% ownership. zipMoney is a leading player in the digital retail finance industry. They offer point-of-sale credit and digital payment services to consumers and provide a variety of retail finance solutions to small, medium and enterprise merchants across numerous industries, both online and in-store, including interest free and buy now, pay later.

zipMoney’s Managing Director and CEO, Larry Diamond commented on the transaction: “This strategic deal with Westpac is a truly transformational moment for Zip and our unique customer value proposition. It is a serious validation of the success of the Zip platform and offering, and the strategic relationship arrangements will deliver a significant opportunity to further accelerate the growth of our merchant network and origination volumes”. 

The transaction was conducted for zipMoney by ABL Corporate and M&A Partner Jeremy Leibler, Senior Associate Gavin Hammerschlag, Foreign Lawyer Alon Greenspan and Lawyer, Vidushee Deora.  

Jeremy Leibler commented on the transaction: “It is rewarding to be able to assist zipMoney on another milestone and market leading transaction, having recently acted on its acquisition of leading Australian personal financial management app Pocketbook.”

Gavin Hammerschlag congratulated the zipMoney board and management team, and commented on ABL’s involvement: “It has been a pleasure to be involved in yet another important transaction for zipMoney and I look forward to working with zipMoney as it continues its expansion as a market leader in the fintech space.”

For more information, or to arrange an interview, contact Aleks Czerwinski, Marketing & Business Development Manager, aczerwinski@abl.com.au or (+613) 9229 9715. 

About Arnold Bloch Leibler 

Arnold Bloch Leibler is a premium Australian commercial law firm renowned for advising on clients on their most important transactions, commercial issues and disputes. From offices in Melbourne and Sydney, the firm provides advice to a diverse range of entrepreneurial Australian listed companies, family businesses, high-net-worth individuals and international corporations. The firm also has a dedicated pro bono practice providing advice on social, environmental and cultural issues to more than 150 charitable and not-for-profit organisations.