Zilch only opened in beta in 2019, looking to distinguish itself in the crowded BNPL arena by connecting directly with customers and using soft background credit checks performed by Credit Kudos via Open Banking to determine affordability. With the BNPL market booming, Zilch has racked up 1.7 million customers across the UK and is intent on expanding across Europe and into the US market. The firm raised $110 million in a Series C funding round at a $2 billion valuation, with plans to use the funding for a move into the US, where it recently acquired debt funding platform Neptune Financial to fast-track its launch stateside. The push into EU markets comes via an extended partnership with Mastercard, enabling customers to shop wherever Mastercard is accepted and spread their payment over six weeks for zero interest and zero fees.
Zilch is a buy now, pay later app that allows its customers to shop wherever Mastercard is accepted. Zilch’s users can keep track of all their purchases in one place – whether made online or in-store – ensuring they have a transparent view of their finances as well as their repayment timelines. Zilch also ensures responsible lending by combining Open Banking technology with soft credit checks to build a personalized affordability profile for each customer. Tap & pay-over-time is another step forward in Zilch’s mission to put their consumers in full control of their money and make life as convenient as possible.