“Certainly, reports of our death are greatly exaggerated,” says Peter Gray, co-founder of embattled buy now pay later business Zip Co. | By Clancy Yeates BNPL
Gray, a finance industry veteran who co-founded Zip in 2013 with chief executive Larry Diamond, says it has been a tough period for the company and affected staff. But, ultimately, the changes are about survival.
“We were in the fortunate position where we had sufficient capital to adjust our settings to deliver the outcomes we want without needing to tap the market again.” Despite the recent share price rise, many analysts remain sceptical about Zip’s future. UBS’s Tom Beadle, who has a “sell” rating on its shares, last month said Zip’s credit risks appeared to be worsening – in contrast to the big banks’ consumer-loan portfolios, which are improving.
He also says there is still “burning ambition” to be a global company, despite announcing it would close its small Singapore business and put operations in Europe and the Middle East under review.
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