By Chris Pash for BI
Digital retail finance and payment industry player zipMoney has bought personal finance management app maker Pocketbook.
The deal includes $6 million upfront and another $1.5 million, depending on a set of milestones.
The acquisition strengthens zipMoney’s position in Australia’s fintech sector. A short time ago, zipMoney shares were up 5.7% to $0.74.
All Pocketbook staff will be retained including the founders, Alvin Singh and Bosco Tan.
zipMoney will gain valuable data analytics on consumer behavior from Pocketbook’s large and growing user base, further enhancing its proprietary credit and fraud decision technology.
Larry Diamond, zipMoney’s CEO, says his company was established to disrupt the traditional credit card market by offering consumers flexible, interest free payments at the checkout.
“The acquisition of Pocketbook is consistent with this strategy,” he says.
“It is a brilliant and well-established personal financial money management tool that empowers people to make the best financial decisions. It is also completely free.”
Pocketbook co-founder Alvin Singh says the business is thrilled to be joining zipMoney.
“Together, we are better positioned to help Australians realise their financial goals,” he says.
First appeared at BI