Buy now, pay later outfit Zip Co is exiting the United Kingdom as it continues its retreat back to core markets in Australia and the United States.
Buy now, pay later outfit Zip Co is exiting the United Kingdom as it retreats to core markets in Australia and the United States, after posting a more than $1 billion loss on the back of impairment charges.
The impairment charge related to goodwill and intangibles for its offshore business closures and recent acquisitions, as well as $590.1 million to account for “adjusted discount rates and reduced forecast growth rates and cash flows across the US and New Zealand”., reiterating that buy now, pay later will be even more important for customers and merchants in the midst of the economic downturn.
“We were able to reprice both customers and merchants and as we demonstrated, we can refinance facilities at lower cost rates. I think we have huge opportunity to continue to reduce costs as we scale.”“In response to credit losses exceeding Zip’s target range, the company took a number of actions, which are improving losses in Australian and the US,” it said.
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