Ecommerce and buy-now-pay-later company, now public on Australian Securities Exchange (ASX), will use strong capital foundation to accelerate growth
San Diego CA, November 2, 2020 – Zebit, Inc. (ZBT: ASX), the eCommerce company dedicated to changing the lives of over 120 million credit-challenged consumers by giving access to a broad set of products with the ability to pay in installments over six months, has announced that the company has gone public on the Australian Securities Exchange (ASX) raising $35 million AUS (approximately $24.5 million USD). The company grew over 100% in compounded annual growth in revenue from 2017 – 2019 and continues to execute well in 2020. Zebit was founded in 2015 and operates in all 50 States across the U.S. Zebit recently released its Q3 trading update to the ASX where the Company achieved EBITDA positive for the first time since inception.
Zebit gives customers the ability to shop thousands of products and pay over six months with no hidden fees, no membership fees and no FICO score pulled. Zebit understands that money is tight for millions of Americans and the 78% of consumers currently living paycheck-to-paycheck. Many cannot pay in full at the point of sale and typically turn to predatory credit options that cost 200%-400% above retail and result in an additional $66 billion per year in interest and fees. Zebit provides a safe and affordable alternative that has reinvented eCommerce and product financing for consumers who are credit-challenged.
Zebit sells electronics, appliances, furniture, toys, eCertificates, tools, jewelry and apparel from top brands including Apple, Samsung, Nintendo, Black & Decker, Cuisinart, Whirlpool and hundreds more by leveraging a drop-ship network of major U.S. wholesalers, distributors and manufacturers who want to reach millions of potential new customers without any customer acquisition cost, marketing expense or credit transaction risk. Unlike other “buy now, pay later” options, Zebit is an eCommerce merchant that acquires, underwrites, and sells products directly to its customers, processes the orders and payments, and coordinates shipping via the drop-ship network. Zebit owns the customer and assumes the credit risk of every transaction.
“The IPO was a major milestone in Zebit’s history and creates a strong capital foundation to accelerate growth and achieve sustainable profitability over time,” said Zebit CEO and Co-Founder, Marc Schneider. “The remainder of 2020 will be a busy time for Zebit as we deploy the IPO capital and continue to grow our registered user base across the U.S. and continue to deliver upon our IPO objectives in the most significant quarter of Zebit’s fiscal year.”
With the holiday season approaching and COVID-19 preventing many from shopping inside stores, Zebit offers consumers a safe and affordable way to do their shopping online, while paying for purchases over time. Zebit manages credit risk by using advanced machine learning models and Big Data to underwrite customers, allocate credit lines and assess order risk. Based on this data, the Zebit platform determines the down payment, product accessibility and checkout options for each user.
Zebit (ZBT: ASX), Zebit is an e-commerce retailer that serves millions of credit-challenged consumers who value the proposition of buy now, pay over time. By providing these consumers with up to $2,500 of store credit and access to a marketplace of thousands of brand name products, Zebit gives its customers the ability to shop while spreading their payments over time. Zebit is located in San Diego is a public company listed on the Australian Stock Exchange (ASX). Learn more at https://zebit.com/.