Buy Now, Pay Later (BNPL) firm Zilch has secured $50 million in funding, bringing the total raised by the company in this latest round to $160 million.
The latest cash injection brings the London-based FinTech’s total funding to over $460 million in debt and equity, meaning the company maintains its existing valuation.
Zilch said that the new capital will be used to fund business growth, with a focus on the US market.
Zilch announced last month that it was launching in the US.
The company, which will base its US operations out of a new headquarters in Miami, said that it is launching with over 150,000 pre-registered customers.
“In a world of rising interest rates and inflation, it has never been more important for customers to have access to a payment product that they can depend on for savings, deals and cash flow management with no interest or late fees of any kind," said Philip Belamant, chief executive and co-founder, Zilch. "Open Banking data shows how customers of all ages are migrating away from traditional high-cost credit cards or overdrafts in favour of services like Zilch - saving them millions.
"This extension is a great endorsement of our unique model as well as our investors' belief in our ability to deliver on our mission to create the worldʼs most empowering way for people to pay for anything, anywhere.”
Latest News
-
HSBC launches payments management tool for businesses planning international growth
-
NatWest launches advent calendar to highlight festive purchase scam risks
-
Starling Bank poaches Adeel Hyder from TSB
-
HSBC sustainability chief quits amid strategic shifts
-
MPs publish damning report calling FCA 'incompetent' and 'dishonest'
-
BNY introduces new buy-side platform
The human firewall: Activating employees to safeguard financial data
As financial services increasingly embrace SaaS and cloud-based technologies, they face emerging threats to safeguard sensitive customer data. While comprehensive IT security measures are essential, the active involvement of employees across organisations is pivotal in ensuring the protection of sensitive data.
Building a secure financial future for instant payments: The convergence of ISO 20022 and fraud detection
The financial landscape is rapidly evolving its approach to real-time transactions under the ISO 20022 standard, and financial institutions must take note. With examples such as the accelerated adoption of SEPA Instant Credit Transfers in Europe and proposed New Payment Architecture (NPA) programme in the UK, the need for swift and effective fraud detection is more crucial than ever.
Data Streaming and Consumer Duty: Transforming customer experience in banking
Introduced at the end of July, the Consumer Duty is a game-changing new set of rules and guidance for financial services institutions in the UK, and companies must look to modernise their systems in adherence with it in mind to create the best customer experience possible.
From insight to action: Empowering financial institutions through advanced technology and collaborative information sharing
The use of Information sharing in enhancing financial crime prevention has been universally agreed as being beneficial. However no-one has been able to agree on how information can be shared safely without breaching data protection laws or having the right systems to facilitate this, Information sharing has re-emerged as a major consideration for financial institutions (FIs) ahead of the Economic Crime and Corporate Transparency Bill being made into law in the UK.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories