Former KPMG partner Michelle Hinchliffe has joined the Macquarie Group and Macquarie Bank boards as a non-executive director. She will sit on Macquarie’s board audit, risk and nominating committees. Hinchliffe had a 37-year career at KPMG and was appointed partner in 1997. She served as the firm’s UK chair of audit and led the financial services practice in Australia. She retired from KPMG in February this year. She replaces the outgoing Diane Grady. Zip Co has completed a fully underwritten institutional placement, raising A$148.7 million. Proceeds will be used to strengthen Zip’s balance sheet as it prepares to merge with rival buy now pay later company Sezzle. The issue price was $1.90 a share – a 14 per cent discount to Friday’s close of $2.21. The company is seeking a further $50 million of capital through a non-underwritten share purchase plan offer, which is expected to open on March 11.