Zip is considering a dual listing on the Nasdaq as it looks to attract more US investors to its buy now, pay later business.

The Australia-based fintech, which earns most of its cash and sales from the US, will keep its main listing on the ASX.

Zip reported full-year cash earnings of US$170.3 million, up from US$69 million a year ago, and processed US$13.1 billion in payments, a 30% rise.

US bad debts remained steady in Q4 at 1.7% of transaction value, within the company’s target range. US active customer numbers rose 11% year-on-year.

Zip’s share price jumped 22% to US$3.81 after the announcement.

Zip has also been buying back shares and negotiating new debt facilities in the US.

🔗 Source: The Australian Financial Review

🧠 Food for thought

1️⃣ The US BNPL market represents a massive untapped opportunity despite rapid recent growth

Zip’s NASDAQ ambitions make strategic sense when examining the scale disparity between current penetration and market potential in America.

BNPL transactions comprise less than 2 percent of US payments compared to 15 percent of Australian e-commerce and 20 percent in Germany, indicating substantial room for expansion in the world’s largest economy.

The numbers support this opportunity: BNPL loans in the US surged from 16.8 million in 2019 to 180 million in 2021, with total loan values jumping from $2 billion to $24.2 billion over the same period1.

Market projections reinforce the growth trajectory, with the US BNPL market valued at $170.32 billion in 2025 and expected to reach $367.85 billion by 2030, reflecting a compound annual growth rate of 16.65 percent2.

This expansion is being driven by changing consumer behavior, with 41 percent of Americans considering BNPL loans as of August 2025, representing a record high level of interest3.

2️⃣ Dual listings can unlock significant valuation premiums but risk capital migration

Zip’s consideration of a NASDAQ listing reflects a pattern where companies seek access to deeper, more specialized investor pools that better understand their sectors.