The third transaction between the two parties will help fund Zip’s receivables growth in the United States
CHICAGO--(BUSINESS WIRE)--Victory Park Capital (“VPC”), a global alternative investment firm specializing in private credit, today announced that it has closed a refinancing agreement for a US$225 million debt facility with Zip Co Limited (“Zip”), a global leader in the digital retail finance and payments industries. The transaction will support the growth of Zip’s US receivables.
As the third transaction between Zip and VPC, the new debt facility represents an extension of their long-standing relationship. The two companies began their partnership in 2015 with a A$108 million asset-backed warehouse facility that later grew to A$200 million. In 2020, VPC and Zip closed a A$100 million debt facility to fund receivables and support the Zip Business platform.
“We are thrilled to announce our renewed collaboration with VPC, a cornerstone investor in Zip since our early days. This pivotal transaction marks a significant step in bolstering Zip's expansion within the U.S. market. As we refine and broaden our portfolio of consumer financing solutions¹, the three-year deal provides us with both the strategic timing and the flexibility needed to spearhead innovation in both our new and existing product lines. This partnership not only underscores our shared vision for market leadership but also cements our commitment to delivering unparalleled financial products to our American customers,” said Larry Diamond, Zip’s Co-founder and U.S. CEO.
“Having partnered with Zip since its early innings as a company, VPC has borne witness to its transformative growth over the past several years,” said Jason Brown, Partner at VPC. “The company’s innovative payment solutions have provided flexibility and ease to consumers and businesses worldwide. We are excited to extend our partnership and continue supporting the company as it focuses on ongoing profitable growth.”
About Zip
ASX-listed Zip Co Limited (ASX: ZIP) Zip is a global financial technology company, offering innovative, people-centered products and services that bring customers and merchants together. Operating in two core markets - Australia, New Zealand (ANZ) and the Americas, Zip offers point-of-sale payment solutions, connecting millions of customers with its global network of tens of thousands of merchants.
Founded in Australia in 2013, Zip provides flexible payment options, helping customers to take control of their financial future and helping merchants to grow their businesses. For more information, visit www.zip.co
About Victory Park Capital Advisors, LLC
Victory Park Capital Advisors, LLC is an SEC-registered, established credit manager. The Firm was founded in 2007 and is headquartered in Chicago, Illinois, with additional resources in New York, Los Angeles, San Francisco, and London. VPC provides custom financing solutions across the private capital spectrum, focusing on companies with strong corporate governance and a compelling growth trajectory. VPC invests in emerging and established businesses across various industries worldwide. For more information, please visit www.victoryparkcapital.com.
1US loans through the Zip app and Zip Checkout are originated by WebBank, except for Zip-originated loans in CO, NV, MA, and MD.
Contacts
Media
Zip
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Victory Park Capital
Jordan Niezelski, Edelman Smithfield
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