After purchasing the stake in Zip in 2017, the bank invested AUD 40 million. In 2019, the bank invested an additional AUD 8.9 million during Zip's capital raising of AUD 42.8 million.
The bank will still be looking to work with Zip and integrate Zip’s buy-now-pay-later functionality into its mobile banking apps across Westpac and the regional bank brands. This would expand Westpac’s offering to customers and broaden the customers Zip can reach. Westpac also states that it is working with Zip on other opportunities for consumer, business, and corporate customers.
The sale follows the bank's new partnership with Afterpay, which became the first fintech on Westpac's new banking-as-a-service platform.
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