Zilch, a UK-based buy now, pay later (BNPL) credit provider, has joined the US-based Financial Technology Association (FTA) in advance of an expansion into the US. According to a note from the FTA, the advocacy group now has 20 Fintechs as members from diverse sectors of financial services.
Philip Belamant, CEO and co-founder of Zilch, commented on the move:
“Zilch was one of the first BNPL providers in the UK to be regulated as financial health is built into the core of our business model. With this in mind, we are excited to be working with the Financial Technology Association as a voice for us and the industry at large in Washington. This is such a crucial time, with economic volatility creating a cost of living crisis, consumers need access to innovative options to pay and awareness of better alternatives for more responsible spending and lending. We’re excited to partner with like-minded Fintech companies to advocate for modernized financial policies that enable responsible, consumer-friendly innovation.”
Penny Lee, CEO of FTA, said they are thrilled to add another industry leader to their association.
Since launching in September 2020, Zilch has grown to over two million customers in the UK and claims to be adding over 250,000 new users per month. Zilch states that it is Europe’s fastest-ever company to go from Series A to double unicorn status in just 14 months.
The FTA lobbies on behalf of digital financial services acting as a voice for Fintech in the legislative and regulatory process. The FTA also represents other BNPLs including Afterpay, Figure, Klarna, Sezzle, and Zip.