Why the Zip (ASX:Z1P) share price is storming 10% higher today

One of the best performers on the S&P/ASX 200 Index (ASX: XJO) on Monday has been the Zip Co Ltd (ASX: Z1P) share price.

In afternoon trade the buy now pay later provider’s shares are up a massive 10% to $9.60.

This means the Zip share price is now up a remarkable 72% since the start of 2021. As a comparison, the ASX 200 is up around 3% year to date.

Why is the Zip share price surging higher?

Investors have been fighting to buy Zip’s shares this year thanks largely to its impressive second quarter update in late January.

That update revealed that Zip delivered a 103% increase in transaction volume to a record $1.6 billion for the three months ended 31 December.

A key driver of this strong performance was Zip’s US-based…