Z1P -2.13%: the rumours swirling overnight about a potential merger between Zip and Sezzle (SZL) were confirmed before market today. Zip said discussions were in very early stages between the two BNPL companies with news reports suggesting an all stock offer was being explored to create the 3rd largest US BNPL company. Scale is key here, and the deal would bring plenty of it with a combined annualised transaction volume of $14.5b & $1b in revenue across 13.5m customers with early back-of-the-envelope figures suggesting the business would be breakeven in Australia and the US. The news helped Zip higher early in the session before eventually surrendering to the broad weakness. Sezzle added +9.81% on the news.
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