The cost of Zip Co’s global buy now, pay later expansion was laid bare as it reported negative earnings and a total statutory loss of more than half a billion dollars but big increases in transaction volume, customer numbers and top-line revenue over the year to June 30.

The result reflected heavy investment in global expansion, after Zip spent $71 million on marketing over the year. Its US business Quadpay is chasing the likes of Afterpay, Klarna and Affirm, forcing Zip to boost spending to acquire new users and merchants.