Buoyant zip Money makes its debut

CREDIT provider and market debutant zip Money says the amount of money it has lent to consumers has climbed 80 per cent in the past three months.

Zip Money, which listed on the Australian Securities Exchange by moving into the shell of junior gold and base metals explorer Rubianna Resources, started trading on the ASX yesterday.

Zip Money offers point-ofsale credit of $500 to $10,000 and digital payment services to “prime” or “near-prime” consumers in the areas of retail, travel, education, cosmetics and elective health.

The company says it does not target subprime or payday borrowers.

As of June 30 this year, zip-Money had lent about $5 million through its network of more than 100 merchants and more than 5000 customers.

Zip Money yesterday said that in the three months since, it had lent consumers more than $4 million, bringing the total sum lent to more than $9 million.

Zip-Money’s revenue is generated through various fees – for merchant services, customer establishment, monthly services, interest and others.

Rubianna was suspended from trading in July after its shareholders voted to change the nature and scale of the company’s activities and take over zip-Money.

The shares under zip-Money finished their first session 1.5¢ lower at 28.5¢ yesterday.