Zip to wind down New Zealand operations to focus on Australia, US

The news: Zip has decided to wind down its operations in New Zealand following a strategic review of its business portfolio.

The context: The buy now, pay later provider said the decision reflects its sharpened focus on investing in its Australian and US businesses, where it has delivered strong momentum and profitable growth.

Zip said it recognises the contribution of its New Zealand team and will support employees, customers and other stakeholders throughout the transition.

The company added that the financial impact of the wind down is expected to be immaterial to the group.