Black Friday drives Zip, Laybuy to record November transaction volumes
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Laybuy said $NZ71 million ($68 million) in purchases were processed by the company in November, up 56 per cent from October and beating forecasts made November 23 of $NZ61 million ($58.5 million) in gross merchandise volume.
“While November is traditionally a strong retail month, with Black Friday and Cyber Monday signalling the start of the Christmas shopping period, the November results far exceeded our expectations,” Laybuy managing director Gary Rohloff said.
Transactions were up 33 per cent in both Australia and New Zealand, compared to October, and surged a “staggering” 79 per cent in the United Kingdom, he said.
Zip meanwhile said it processed a record transaction volume of $577.1 million in November, up 44 per cent from October and more than double the volume from a year ago.
Another 464,000 customers were added during the month, to 5.3 million, up 104 per cent year on year.
In the United States, Zip’s QuadPay brand processed $264.2 million in transactions, up 65 per cent from October.
“Zip is well on its way to becoming the first payment choice everywhere and every day,” managing director and chief executive Larry Diamond said.
At 11.24am, Zip shares were up 0.3 per cent to $6.045, while Laybuy had gained 2.9 per cent to $1.435.
Afterpay (ASX:APT) and the other companies in the BNPL space haven’t yet reported November numbers.