Zip Co co-founder Larry Diamond is not afraid of tech giants Apple and PayPal and the big banks. “We’re not concerned about these guys. They’ve been innovating through bureaucracy, innovating through imitation.”
Zip Co co-founder and chief executive Larry Diamond is not afraid of tech giants Apple and PayPal and the big banks, declaring growth is still on the agenda for the buy now, pay later company.
Zip co-founder Peter Gray says the banks have not focused enough on merchant relationships and failed to add meaningful customer numbers, despite their rhetoric about innovation.“CBA is on their third or fourth iteration of trying to crack buy now, pay later and to some degree they’ve made no progress,” he says.
“It’s not a holistic proposition for merchants, not a holistic proposition for consumers. So when we talk about democratising affordable credit and making it accessible to everyone, that’s problem number one,” says Diamond. “CBA’s strategy here, by setting up their own buy now, pay later business, is that these things don’t belong under separate entities,” says Brown.
“Our business model has a range of costs and marketing is another cost. But as long as it has the appropriate return on capital – and we look at how much you paid to a customer and what’s the lifetime value of that customer – as long as that equation is healthy, it is a cost of doing business,” says Diamond.points to the conundrum for pure-play buy now, pay later entities.“If they’re standalones, they also depend on equity investors.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Zip still has to prove its pivot to profit will workOPINION: Zip shares are up 35 per cent in a month, but until it can prove lower loss rates and profits are sustainable it will have a hard time winning investors’ faith.
Read more »
Zip shuts Singapore, scraps business products to get to profitBuy now, pay later company Zip Co is getting out of overseas markets and scrapping products as it desperately tries to get itself into the black before it runs out of cash.
Read more »
ASX gains 0.5pc as ZIP drives tech sector rallyAustralian shares edged higher on Thursday as falls in energy and materials stocks were offset by an afternoon rally in the tech and healthcare sectors.
Read more »
'It's not good enough': V/Line boss apologises as passengers endure a four-hour delay en route to MelbourneV/Line's CEO says a four-hour delay for 100 passengers aboard a train to Melbourne is 'embarrassing', with a damaged boom gate at Geelong affecting 55 services.
Read more »
Zip shuts Singapore, scraps business products to get to profitBuy now, pay later company Zip Co is getting out of overseas markets and scrapping products as it desperately tries to get itself into the black before it runs out of cash.
Read more »