Fintech payments startup Zip just closed a deal with Target; shares gain 8pc

Shares in Zip Co, the owner of zipPay, zipMoney and Pocketbook brands, jumped after the fintech announced a deal with retailer Target Australia.

The shares moved ahead 8 per cent to an intraday high of $1.11.

The company announced a partnership with Target, owned by Wesfarmers, to offer Zip interest-free payments to customers in its 303 stores.

Zip chief Larry Diamond says Zip will be Target’s first in-store alternative payments offering.

“We believe Zip will be a great fit for Target, providing their customers with a better way to pay,” he says.

Zip expects be live on the Target network, both online and in-store, by mid-October.

Zip last month announced full-year revenue of $40.4 million, up 138 per cent.