Zilch scoops $30m equity round as customer numbers quadruple
London-based Zilch has closed its oversubscribed Series B funding round with an additional $30m equity top-up.
The fintech, which is looking to shake-up the buy-now-pay-later (BNPL) arena, only received its consumer credit authorisation from the Financial Conduct Authority three weeks ago.
Investors in the round include co-founder of comparison website MoneySuperMarket, Simon Nixon and Curve investor, Gauss Ventures.
Zilch uses open banking, in partnership with fellow London-based fintech Credit Kudos, as well as soft credit checks to assess a customer’s creditworthiness and affordability.
Unlike traditional BNPL fintech, such as the likes of Klarna and Clearpay, Zilch lets customers pay in interest-free instalments at any online retailer where Mastercard is accepted, not just the ones supported by its platform.
Through open banking, the fintech ensures that customers can afford to repay their deferred purchases by using real-time insights into a consumer’s financial wellbeing and current expenditure.
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