Sky News Business – ZipMoney and Westpac Partnership

Sydney fintech startup ZipMoney has landed a $40 million investment from Westpac. The biggest Australian fintech raise of the year. The round, announced on the ASX on Monday morning, includes $40 million cash upfront and a further $8 million in future performance-dependent funding. Westpac’s investment is the second involvement from a Big Four bank for the payment tech startup, after it revealed a new National Australia Bank-led $260 million debt facility in May that was the largest of its kind in Australian fintech history. The June quarter saw record results, with the user population reaching 665,000 and more than $300 million in transaction volume through the platform. “Zip will benefit from Westpac’s expertise, its 200-year history and the power of its distribution capability

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