Zip Co Limited (ASX: ZIP) announces its first issuance from Zip Master Trust. The deal originally mandated at $400 million was significantly oversubscribed and closed 25% higher at $500 million. Marking it as one of the largest of its kind by a Fintech in Australia.
Commenting on the deal, Zip COO and Co-founder Peter Gray stated that the transaction marks another major milestone not only for Zip, but fintech in general. He believes that the deal provides strong validation for the companyâs proprietary credit and fraud decision platform, and the companyâs utilisation of significant amounts of data to deliver compliant and responsible lending decisions.
The settlement of the deal is anticipated on 5th September 2019.