← Embedded Finance Index 2026

Bnpl Provider Zip Co

“Can Zip become the default flexible-payment layer for consumers and merchants across ANZ and the US while sustaining institutional-grade funding at competitive cost?”

Founded2013
HQSydney, Australia
Total raised$2.0B
Latest roundSeries D (private US entity Zip, Oct 2024 — NOTE: this is a different 'Zip' procurement company; Zip Co Limited / ASX:ZIP is publicly listed)
IndustryFintech / Lending
The story

Founded in 2013 in Sydney as a consumer credit / BNPL company, Zip Co grew into a global buy-now-pay-later platform operating across Australia, New Zealand, and the US. The company expanded its product suite beyond simple instalment payments to include embedded insurance (via Cover Genius), a virtual card product, and merchant-facing flexible payment plans (Pay in 2, 4, or 8). After a period of aggressive international expansion and a failed Sezzle acquisition attempt, Zip rationalized to its two core markets (ANZ and US) and focused on improving unit economics, funding costs, and capital efficiency — reflected in its 2025 ABS issuances and warehouse facility upgrades.

Last 12 months
2025-11
2025-01
Product timeline
2013
Zip Co Limited founded in Sydney, Australia as a digital payments and consumer credit company.· pivot
2022
Partnered with Cover Genius to embed tailored purchase protection insurance into the Zip checkout and wallet experience globally.· banking
2022
Zip announced plans to acquire BNPL rival Sezzle in a ~$352M deal (later called off), signaling sector consolidation pressure.· acquisition
2024
Zip launched Zip Anywhere application with loans originated by WebBank, broadening US consumer credit access.· lending
2025
Zip established a new US$283.4M warehouse facility with two funding partners and priced a new A$400M rated ABS note issuance (Master Trust 2025-2), improving cost of funds and funding capacity.· lending
Regulated entities
2
regulatory licences held by Bnpl Provider Zip Co
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
2 layers disclosed in Bnpl Provider Zip Co’s embedded-finance stack
Lending
Pay in 2Pay in 4Pay in 8Zip Anywhere (WebBank-originated loans)Consumer instalment credit (AU/NZ)Business credit (AU)
Sponsor bank
in the full report
Accounting gap: none
1 more provider across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.