Shares in fintech payments startup Zip Co are going nuts

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Shares in Zip Co — the owner of zipPay, zipMoney and Pocketbook brands — jumped after the latest quarterly results exceeded guidance.

At the close, the shares were up 22.1% to $1.16.

The company posted record December quarter revenue of $9.3 million, up 35%. Transaction volume was up 47% to $140 million.

A record 1,800 new retailers joined the platform during the quarter, including Kogan, Fantastic Furniture, Anaconda and Spotlight, says Zip Co.

The company says it has unified the Zip network, enabling a Zip wallet funded by either zipMoney or zipPay to transact at any accredited merchant.

Zip says it has made substantial progress on achieving its guidance of cashflow break-even on a monthly basis in 2018.

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