Zip partners with eBay Australia to offer access to working capital via eBay marketplace
As part of the official launch of Zip Business, Zip is bringing the Spotcap brand into the Zip Business portfolio.
Digital retail finance and payments services provider Zip Co Ltd (ASX:Z1P) today announced the official launch of Zip Business by partnering with eBay Australia to offer Australian small and medium-sized businesses the opportunity to access working capital via the eBay marketplace.
The partnership between eBay and Zip Business aims to provide merchants with the freedom to purchase inventory, cover short-term expenses such as marketing campaigns, and manage their cashflows, via access to flexible lines of credit.
As part of the official launch, Zip is bringing the Spotcap brand into the Zip Business portfolio. Zip Business will be leveraging the credit experience in the Spotcap business and combining it with Zip’s risk decisioning and real-time onboarding to rapidly scale the SMB Buy Now Pay Later offering.
This partnership is the first in a series of integrated products and solutions Zip will progressively roll out as it launches Zip Business, supporting both SMBs and its retail and channel partnerships.
Also today, Zip announces that it has agreed to a A$100 million debt funding facility with US firm Victory Park Capital Advisors, LLC (VPC) to fund the Zip Business receivables. Once established, the facility will give Zip the flexibility and capacity required to support the launch of Zip Business.
Zip has a strong partnership with VPC. In November 2015, Zip announced a A$108 million asset- backed warehouse facility with the firm, which grew to $200m, making it one of Zip’s earliest debt facility partners.