Victory Park Capital (VPC), a global alternative investment firm specialising in private credit, has provided a $225m credit facility to Zip, a global ‘buy now pay later’ fintech operating in Australia, New Zealand and the Americas, as part of a refinancing agreement.
This third transaction between VPC and Zip is intended to “support the growth of Zip’s US receivables,” according to a press release. In 2015, the two companies first struck a deal with an AUD108m asset-backed warehouse facility that later grew to AUD200m. In 2020, VPC and Zip closed an AUD100m debt facility intended to fund receivables and support Zip’s business platform.
Larry Diamond, co-founder and US CEO at Zip, said: “This pivotal transaction marks a significant step in bolstering Zip’s expansion within the US market.”
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Jason Brown, Partner at VPC, said: “Having partnered with Zip since its early innings as a company, VPC has borne witness to its transformative growth over the past several years.
“The company’s innovative payment solutions have provided flexibility and ease to consumers and businesses worldwide.”
Source: Private Equity Wire
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