UK fintech Zilch announced on Thursday it secured $10 million through its latest funding round. Founded in 2018, Zilch offers a Buy Now Pay Later service that allows users to pay for a purchase in the course of six weeks without any fees or interest.
“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.”
While sharing more details about the service, Philip Belamant, Zilch founder and CEO, stated:
“We combine the benefits of installment 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 penalized for the privilege.”
Zilch has also formed a partnership with Mastercard for its service. Funds from the latest investment round will be used to continue the rollout of Zilch’s service.
