Zebit prepares to join the ASX-listed buy now, pay later club
US e-commerce company Zebit is looking to raise $US30 million ($42 million) from investors in a initial public offering on the ASX, as it looks to cash in on the buy now, pay later (BNPL) craze in the local market.
Zebit founder and chief executive Marc Schneider said while the company, which he described as the “Amazon of the under-served”, had no plans to offer its products in Australia the ASX was a solid place to raise growth capital.
“Australia is very forward in terms of disrupter models and how they’ve been built before, especially in financial services,” he said. “I think Afterpay has done an amazing job of socialising BNPL in the Australian market and even across the world.”
Led by the market darling Afterpay, the growing cohort of BNPL outfits on the ASX have all been buoyed by the accelerated consumer shift to online shopping and alternative payment methods.
However, Zebit’s BNPL offering is different to that of its peers, as it focuses on the “credit challenged” demographic in the United States, targeting consumers who would normally struggle to get affordable credit.