UK fintech Zilch has secured $10 million in funding through its latest round, media reports said. The proceeds from the new funding will be used to scale up its Buy Now Pay Later offering. Established in 2018, the UK fintech offers Buy Now Pay Later for users to pay for purchase over a period of six weeks. The payment extension facility does not include any fees or interest.
It is reported that Zilch has established a partnership with Mastercard for its services. Philip Belamant, Zilch founder and CEO, told the media, “Zilch ensures that customers never over-borrow by making use of Open Banking and AI to determine each customer’s level of affordability and only funds low-value discretionary purchases. As a result, Zilch’s customers rarely default and make use of the product as a cash flow management tool, which has proven to be of huge value during this COVID period.”
More recently, the fintech has built significant traction among millennials and the Gen Z market. It has been growing by more than 10,000 new customers a month. Now Zilch customers have the facility to pay over time across big brands like Amazon, eBay, Ali Express, Nike and much more, media reports said. Joanne Dewar, Chief Executive Officer of Global Processing Services, told the media, “We have been working closely with Zilch to support their unique processing model, and are excited about their promising growth in the space. We look forward to working closely with them as they continue to scale.”