As one of the largest players in the BNPL financial industry in Britain, Zilch is one of the few companies to start seeking fully regulated status as BNPL by the Financial Conduct Authority (FCA). In 2020, it was granted consumer credit clearance from the FCA, being the first UK BNPL company to be fully licensed due to the difficult regulatory process.
Zilch announces new agreement
Zilch B Series brings their total funding to over $ 200 million following the recent announcement of an agreement with the asset management arm of Goldman Sachs and DMG Ventures, including $ 110 million in debt and equity for Zilch. This successful capital injection clearly shows the increased demand for BNPL products at a time when regulatory requirements are increasingly under scrutiny.
With the second round of financing, Zilch plans to launch in the United States while expanding its current operations in the United Kingdom.
Zilch currently has over 700,000 customers and has brought new functionality to the BNPL world. The Tap & Pay feature allows customers to connect a Zilch card connected to the card reader and immediately set up installment payments that are taken from their account over a six-week period in the form of bi-weekly installments.
New payment options
Zilch is distinguished by a card accepted as a payment option wherever MasterCard is permitted. It can be used in thousands of stores. Nothing is working to improve the options for smarter payment plans than traditional lines of credit currently offer. Customers who need or want to make a purchase, but don’t yet have the funds, can choose when to buy and make installment payments to spread those expenses over a longer period of time. This opens the door to a plethora of options for people who want to be able to manage their money in a smarter way.
Philip Belamant is CEO and founder of Zilch. “As the number of our customers continues to grow, we have made the decision to raise additional capital to meet this phenomenal demand,” he said in a statement. “We are delighted that respected institutions, such as Goldman Sachs and DMG Ventures, share our vision of what credit should be like in today’s world and how it can be delivered directly to clients in the most responsible manner. .
Goldman only backs the best in the business, like Apple. So, the support of this small company from UK may come as a surprise to some. For those who know intimately Nothing, the answer may be clear: Zilch is about to be one of the best.
One of the biggest concerns of BNPL fintech is that it offers an affordable credit solution that improves flexibility and control over personal finances. In 2020, Belamant explained, “We really feel like between our open banking integration, how we approach affordability and how we interact with the regulator, we really feel like we are providing the most payment method. responsible over time… we’ve been working with FCA on affordability. How we assess it and how we monitor it.
Flexible credit checks
Part of Zilch’s process is using flexible credit checks to examine a customer’s ability to pay and their financial situation. Zilch wants his clients to be successful, not to go into debt. The goal being to have flexibility in payments, the company therefore carefully examines the affordability of lines of credit for each individual.
The company also works to create direct relationships with customers, providing customer service that goes beyond the industry standard. The Zilch team currently promises to respond to most inquiries within five business hours, often exceeding that time to assist their clients in the best possible way.
The BNPL payment approach is accelerating all over the world.
The booming BNPL sector
Predictions understand expectations that the BNPL sector could continue to experience double-digit expansion, such as the 29% year-on-year growth rates it experienced for 2020. Some experts believe BNPL could be responsible for 10% of everything e-commerce in the UK by 2024. The UK is currently the third largest market for online transactions, after China and the US. Japan, Germany and France follow closely for their own number of online transactions.
About Philippe Belamant
As founder and CEO of Zilch, Philippe Belamant has already started and successfully left two other FinTech companies. His first company was formed after winning Microsoft’s Project Firefly competition with AI and biometric technology. He has spent 16 years in the payments and technology industries, including launching mobile and value-added payment services in 15 African countries.
Belamant was the creator of the first Cash-to-MasterCard payment solution for UBER in South Africa. It has also launched virtual card technology across Spain, Mexico, the United States, India and South Africa, working with MobiKwik and Visa to support more than 50 million users.
About Zilch
the BNPL Zilch Company was created by Philip Belamant to offer something unique in the world of finance. Not only does the company help spread payments for better spending control, they also offer a MasterCard backed card that is convenient for in-store purchases. A 0% interest rate on payments allows Zilch customers to determine the use of their money without being tied to their paydays.
As a cash flow tool, users can make all of their payments from one place and avoid juggling a number of different balances and interest charges. Zilch’s innovative approach is designed to put customers first and improve affordability.
Quarterly growth exceeded 120%, with monthly registrations of 20,000 for invited applicants.
Interesting related article: “What is Fintech? “