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Zip Co Limited
Zip Co — Larry Diamond and Peter Gray's BNPL platform based in Sydney, Australia. $8.5B in transaction volume in fiscal 2024. Publicly listed on ASX.
Zip Co Limited
Zip Co was founded in 2013 by Larry Diamond and Peter Gray in Sydney, Australia. The company began as a closed-loop credit provider, issuing its own branded cards to merchants before pivoting to the buy-now-pay-later (BNPL) model that would define the sector. Diamond had previously co-founded a digital advertising firm; Gray held marketing roles at Coca-Cola and Procter & Gamble. Zip's core product is an installment lending platform offered at over 100,000 merchant partners globally. The company operates across three asset classes: consumer BNPL, small-business lending via Zip Business, and merchant acquiring services. Known positions include integration with Amazon Australia, Apple Pay on iPhones, and a partnership with Qantas to offer loyalty points on repayments. Geographic footprint spans Australia, New Zealand, the United States and the United Kingdom. Zip reported $8.5B in total transaction volume for fiscal 2024, per its annual report. The firm employs roughly 1,500 staff across offices in Sydney, New York and London. A separate philanthropic vehicle — Zip Co Foundation — was established in 2022, though its funding and operations are not publicly detailed. In November 2024, Zip announced it had completed its acquisition of Sezzle Inc., a US-based BNPL competitor, for $491M (per the firm, November 2024). Zip's structural differentiator lies in its regulated lending model. Unlike peers that rely on third-party issuer banks, Zip holds an Australian Credit Licence and underwrites loans directly on its own balance sheet. This regulatory posture, combined with a focus on merchant-funded revenue rather than late fees, creates a capital-intensive but lower-churn business model.
General information
Firm type
other
Year founded
2013
AUM
Undisclosed
Location
Region
Oceania
Country
Australia
City
Sydney
Corporate office
Sydney, Australia
Additional offices
New York, NY, United States · London, United Kingdom
Principals
Larry Diamond
Co-founder & CEO
Peter Gray
Co-founder & COO
Sector focus
Frequently asked questions
Who runs investment decisions at Zip Co?
Larry Diamond, co-founder and CEO, sets strategic direction. The company is publicly listed on the ASX under ticker ZIP, so major capital allocation decisions are reviewed by a board of directors. Peter Gray serves as COO and oversees day-to-day operations. No single family office controls the firm.
Is Zip Co structured as a family office or a publicly traded company?
Zip Co is a public company listed on the Australian Securities Exchange (ASX: ZIP). It is not a family office. Larry Diamond and Peter Gray remain substantial shareholders but the company operates under corporate governance with external institutional investors.
How does Zip Co source deal flow for its lending platform?
Zip originates loans directly through its merchant partnerships, which include over 100,000 merchants across Australia, New Zealand, the US and UK. The company uses a proprietary credit underwriting model to approve consumers at point of sale. It also sources business loans through Zip Business, a separate product line launched in 2022.
What investment stages does Zip Co target?
Zip does not invest in external companies; it is an operating business. It has made strategic acquisitions in the BNPL space, purchasing Sezzle in 2024 and earlier buying Quadpay and Twisto in 2021. These are bolt-on acquisitions, not venture-stage bets.
Which sectors does Zip Co explicitly avoid?
Zip prohibits using its platform for purchases in certain sectors including gambling, adult content, firearms, and political donations per its merchant terms of service. The company also restricts transactions involving cryptocurrencies or securities trading.
Does Zip Co maintain philanthropic structures?
Zip Co established the Zip Co Foundation in 2022, a charitable trust registered in Australia. Details on its funding and grant-making activities are sparse; the foundation does not maintain a public website or regular reporting (per public record).
How is Zip Co related to Afterpay?
Zip Co and Afterpay are separate publicly traded companies that compete in the Australian BNPL market. Both were founded in the same era; Afterpay was acquired by Block Inc. in 2021. Zip has remained independent. They share no corporate relationship.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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