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Zip (ASX:Z1P) Has Chosen NAB (ASX:NAB) For The Master Trust

Jaz Harrison
Jaz Harrison
Jaz Harrison

Jaz Harrison

Jaz is a Staff Writer for Rask. She is a keen investor who loves to thoroughly poke holes in an investment idea before it has a chance of making it into her portfolio. Jaz invests for the long-term and doesn't sweat the small stuff. She strongly believes that empowering people with knowledge is the best way for them to take charge of their finances, which is exactly the approach she takes with her own money and investments.
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Zip Co Ltd (ASX: Z1P) has chosen National Australia Bank Ltd (ASX: NAB) for the Zip Master Trust Programme.

Zip Co provides customers with a revolving line of credit to finance their retail purchase with its brands of Zip Pay, Zip Money and Pocketbook. It is one of the largest buy now, pay later providers in Australia. Some of its largest clients include Bunnings Warehouse, Appliances Online, EB Games and Officeworks.

Zip Co’s Choice Of NAB

Zip has mandated NAB to arrange a series of ABS investor meetings for the establishment of the Zip Master Trust Programme.

The mandate has been confirmed today and an indicative term sheet was issued by NAB yesterday for seeking expressions of interest for debt funding of $400 million to refinance the funding of existing receivables within Zip’s portfolio.

Once completed, it will increase Zip’s total facilities available to fund receivables will increase from $731.50 million to $931.50 million. The bigger the facilities that Zip has, the more transactions it can fund, leading to more growth. However, I’m not sure I would want it in my portfolio because of the amount of growing competition.

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