UK buy now, pay later (BNPL) company Zilch has entered an agreement to acquire FinTech startup NepFin as it prepares to enter the US market.
According to Zilch, the acquisition of NepFin – a commercial lending platform that provides funding to SMEs in the US to help them grow – will allow it to gain a foothold on the US market with the help of NepFin’s California Finance Lenders License and compliance and regulatory network.
The deal will see NepFin founders Albert Periu and Tom Meister join Zilch as USA CEO and USA COO respectively. The financial terms of the purchase were not disclosed.
Zilch noted that following this purchase, the company is planning to expand its US team and ‘lay the groundwork’ for its launch.
Last month, Zilch raised $110m in debt and equity financing from Goldman Sachs Asset Management and DMG Ventures in an extension of its Series B funding round.
The company claimed at the time that the investment would be used to accelerate its growth in the UK and fund the launch of its services in the US market.
In April this year, Zilch introduced a ‘tap and pay-over-time’ solution which enables high street shoppers to make in-store purchases and pay later.
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