Download the Prospectus
Website
Pre Money Equity Valuation
$149,000,000
Estimated Close
2020-10-21
Issue Type
IPO
Lead Manager
Shaw and Partners Ltd
Type of Securities
CDIs
Market Cap Max
$149,000,000
Key Executives
Jim Feuille (NEC), Marc Schneider (CEO), Sylvia Falzon (NED), Miriam Rivera (NED), Larry Rosenberger (NED), Scott Thompson (NED)
Company Address
1209 Orange Street Corporation Trust Center Wilmington, Delaware 19801
Exchange
ASX
Chairman's Letter

Dear Investor,
On behalf of the Directors, I am
pleased to invite you to become an
investor in Zebit, Inc. (“Zebit”).
Zebit is a fast growing, California
based eCommerce company with
a mission to reinvent how credit
is provided to approximately
119.8 million financially underserved
consumers in the U.S. who either
have no traditional credit score or
are below the mainstream threshold
to access cost-effective credit or
emerging buy now, pay later options.
These financially underserved
consumers make up a large credit
segment in the U.S. and have
historically been relegated to a very
limited and costly set of product
financing options such as rent-toown and lease-to-own or have
taken out payday loans to buy what
they need. These options can cost
200% to 400% of a product’s retail
value and can end-up trapping
consumers in a perpetual cycle of
debt.
Zebit offers financially underserved
consumers a large selection of
products across more than twentyfive product categories (such as
electronics, appliances, home décor,
furniture, and beauty) and store
credit to pay for their purchases over
six months. The Company has built
a streamlined operating model, with
over 81 fully integrated drop-ship
distribution partners that pick, pack,
and ship product for Zebit directly to
customers. This diverse and growing
supply chain network has allowed
Zebit to avoid the typical activities
that reduce eCommerce gross
margins, including tying up working
capital to buy and carry inventory,
inventory obsolesce, general
discounting and warehousing and
logistics.
In the U.S., there is currently no single
off-the-shelf data source that can
accurately predict a financially
underserved consumer’s credit
worthiness. Zebit’s competitive
advantage is deeply rooted in its
credit and risk approach, modelling,
and decades of management
experience serving this population.
The Company leverages a variety of
external device, identity, employment,
income, and alternative credit
information. Zebit’s proprietary
technology enables it to create
predictive models using this
information to understand the credit
risk of its customers. Zebit makes a
risk assessment at the point a person
applies for store credit to use in
the Zebit eCommerce store (“Zebit
Marketplace”) and when a customer
attempts to make a purchase at
checkout. The Company’s advanced
analytics and machine learning
models are designed to detect fraud
and drive consumer acquisition,
determine store credit allocation,
and registration and point of sale
underwriting.
The Company is led by a very
experienced and operationally
driven CEO and management team,
and a highly engaged Board with
extensive experience in eCommerce,
consumer financial services, and
credit/risk management in the
U.S. and internationally. Zebit has
demonstrated a solid track record
that includes generating over $182.5
million in sales since incorporation (as
of 30 June FY201
), with less than $7.9
million of total marketing spend and
historical growth rates approaching
100% per year since its inception
prior to COVID-19. Zebit has shipped
over 1.2 million items to its Active
Customers. The Board is proud to be
a part of Zebit’s mission to level the
credit playing field for the majority
of the U.S. population that lives
paycheck to paycheck and looks
forward to future opportunities as
Zebit continues to scale its business.
The Offer outlined in this Prospectus
is underwritten by Shaw and
Partners and will raise approximately
A$35.0 million. The net proceeds of
the Offer will be used primarily to
scale the business, including working
capital to support marketing spend
and accounts receivable, add next
generation enhancements to Zebit’s
bespoke eCommerce and credit
platform, close talent gaps, and
test some natural adjacent revenue
growth initiatives.
This Prospectus contains detailed
information about the Offer, the
Company’s operations, performance,
financial position and key personnel,
as well as the broader sector it
operates within. It also provides
detailed information on the risks
associated with an investment in
Zebit, which are outlined in Section
4 and include risks associated with
customer default and Zebit’s ability
to attract new customers and retain
existing customers.
I encourage you to read this
Prospectus in detail before making
any investment decision.
On behalf of the Board, I look
forward to welcoming you as an
investor.
Yours Sincerely,
Jim M. P. Feuille
Chairman of the Board