Zilch BETA BNPL Product Becomes a Success in Europe

Zilch is a London-based fintech firm that focuses primarily on innovating unique payment solutions in the Buy Now, Pay Later market. Serge Belamant and Philip Belamant founded the enterprise to help shoppers to control their income conveniently. The firm has leveraged the power of emerging technology such as AI and open banking to create a system that allows its customers to access interest-free BNPL services depending on their affordability. Though the firms’ model is accessible in real-time, Zilch has regulated its products to curb over-borrowing from shoppers. With the recently launched BETA product, Zilch has experienced a gradual growth of its customer base. Since entering the BNPL product in Europe, the Fintech company has continued to receive over 15,000 sign-ups every month. The majority of the new customers comprise millennials.

 

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To fund the numerous new sign-ups for the buy-now-pay-later card, Zilch has raised $10 million and intends to roll back the profits from the customers to address the growing demand. With Philip Belamant at the helm, Zilch has strategically partnered with MasterCard to allow holders of the Zilch virtual MasterCard to shop from online retailers. Zilch will soon roll out in-store shopping for its customers in Europe. The payment service is a relief for shoppers as they can now shop from thousands of online retailers. However, Zilch customers can pay up to 25% from the virtual card and are allowed to pay the remaining amount in 6 weeks. Mastercards’ Jason Lane, EVP, Market Development Europe, has lauded Zilch for its first-grade payment services and commits to progressing the partnership.

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