Australia Digest: ASX-listed zipMoney raises $31.5m; Norbit closes seed round

Australian dollar denominations shown in a photo illustration at a currency exchange in Sydney, Australia, June 7, 2016. REUTERS/Jason Reed/File Photo - RTX2K2T5

In a couple of deals in the Australian region, ZipMoney has secured a strategic investment from WesPac bank while marketing tech startup Norbit has received seed funding.

Westpac invests A$40m in ASX-listed fintech firm ZipMoney

Sydney-based payments platform and retail lender ZipMoney has secured $40 million ($31.5 million) in a strategic investment from Australia’s Westpac Bank.

ZipMoney listed on the ASX via an A$5 million reverse takeover of Rubianna Resources in 2015. It offers payment services, as well as online consumer financing through point-of-sale credit and digital payments.

The Westpac investment includes an additional A$8 million in performance-dependent future funding. This brings total equity funding raised by ZipMoney to A$300 million for 2017.

In May 2017, it secured A$260 million in funding from National Australia Bank in May. The venture secured A$20 million in June 2016 and an additional A$100 million in late 2015. As at end-July, it has posted A$17 million in revenue and serves 3,000 customers daily.

Norbit closes A$400k seed round

Brisbane-based marketing technology startup venture Norbit has raised $400,000 ($31.782) in seed funding. This round will finance its expansion across Australia and is backed by McVay Real Estate’s Sam McVay and Premium Funding’s Hayward Family.

Investment proceeds will go towards product development and marketing, with more features to be added to the app as it matures. It was developed as a solution to address the growing need for retailers to generate authentic customer loyalty.

It is currently being used in eight Queensland shopping centres and has 30,000 users. The venture has plans for expansion to Australia and New Zealand, as well as internationalisation at a later stage of the company’s growth.

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