offers the first BNPL card that shoppers can use to buy from major
retailers with no additional fees.
the number of sign-ups for a Zilch
buy-now-pay-later (BNPL) card continues to grow, the financing
enterprise has closed a new funding round to scale up the unique
payment system. Zilch launched the first fee-free BNPL card last
year, which enables consumers to shop at online retailers that accept
Mastercard
and spread their payments without any fee catches. Described
by reviewers as ‘the next shopping revolution,’ the virtual card
has a 0% interest rate and can be used when shopping at over 10,000
online retailers, including Amazon, eBay, iTunes, GAME, Carphone
Warehouse, Sports Direct, Adidas, Hype, Topman, Nike, Boohoo, UGG,
and ASOS. Customers can use the virtual card to pay just 25% of
product prices upfront and clear the remaining balance over the
following six weeks. Customers will soon be able to use Zilch when
shopping in-store, too. New Funding to Accommodate Zilch Sign-UpsZilch
has announced a successful $10 million funding round to grow the
over-the-top BNPL scheme. The over-the-top approach allows Zilch to
connect with consumers instead of retailers.
Zilch will use proceeds from the funding to expand its customer
reach, stepping up the rollout of the payment system to accommodate
the ever-growing waiting list of circa 65,000.‘Our
unique over-the-top approach to BNPL has been built out of our strong
knowledge for instalment cards in developing economies such as South
Africa and South America amongst others,’ says Philip Belamant, CEO
of Zilch. ‘We combine the benefits of instalment and card products
to offer the best way for our customers to pay overtime, anywhere. We
believe that this generation should be able to responsibly have what
they want when they want without being financially penalised for the
privilege.’ Zilch Mastercard PartnershipZilch has leveraged a strategic partnership with Mastercard to effectively deliver its unique payment solution. The partnership enables customers to use a Zilch Virtual Mastercard when using any online retailer that accepts Mastercard payments. UK shoppers can sign up for a Zilch Virtual Mastercard using their debit card details, postal address, mobile phone number, and email address. Once shoppers have signed up, Zilch will issue a virtual card immediately.
‘Zilch is a flourishing fintech which aims to help shoppers manage their cashflows in a way that fits their timeline.’ says Jason Lane, EVP, Market Development Europe at Mastercard ‘At Mastercard, we continue to be the partner of choice for fintechs across Europe as we strive to help scale innovative payment solutions that improve people’s lives.” Zilch’s founders The
founders behind Zilch’s fast-growing business are serial
entrepreneurs who’s previous businesses have been listed on the
Nasdaq and featured in Forbes’s top 100 companies. CEO Philip
Belamant and Chairman Serge Belamant bring a host of technological
expertise to the cutting-edge finance enterprise.CEO: Philip BelamantZilch’s
founder Philip Belamant has conceived numerous award-winning fintech
enterprises. Not only has he worked with Vodafone, TNM, MTN, Orange,
and Airtel to launch mobile payments and value-added services in 15
countries, but he also conceived and launched South Africa’s first
Cash-To-Mastercard system for UBER. On
top of this, Philip has founded a Top 40 Fintech company in Africa,
which attracted over eight million users within six months. Chairman: Serge BelamantSerge
Belamant is an entrepreneurial computer scientist who has won
numerous awards for his benchmarking, operations research, statistics
queue management, and telecommunications protocols. Known as one of
the founders of blockchain technology, Serge patented the world’s
first electronic purse using smart-card technology (UEPS) and
advanced encryption methods. He also engineered the South-African ATM
switching and settlement system (SASWITCH), which is the
third-largest ATM system on the planet. About ZilchZilch
is redefining the Buy Now, Pay Later (BNPL) market by enabling
customers to pay overtime anywhere, instantly. While traditional BNPL
products rely on various third parties, Zilch’s unique
patent-pending model doesn’t require integrations and provides
instant accessibility. While most credit cards have costly
interest rates and late fees, Zilch is completely interest-free. The
system works by using open banking and AI to calculate each
customer’s affordability, and Zilch only funds low-value
discretionary purchases to protect shoppers against over-borrowing. Based
in London, Zilch released its original BETA product in August 2019
and has experienced a huge level of traction since, particularly from
young millennial and Gen Z markets. Now, over 15,000 new customers
sign up to Zilch every month.Learn
more about Zilch’s ground-breaking payment solution at
www.payzilch.com.
