FinTech company Zilch has revealed it has expended its partnership with Mastercard to help bring the former’s buy now, pay later (BNPL) card digital card to Europe.
Zilch’s digital card is currently available for use in the UK and has reached over 1.7m customers over the last 15 months, which it claims is record time within the BNPL industry. The digital card will enable deferred payment purchases across the European Union.
Zilch and Mastercard have been partners since the former’s beta launch in August 2019 to help deliver its BNPL payment solution. Zilch claims it is the first ‘truly over-the-top BNPL product’ which is independent of the checkout page and enables its customers to shop wherever Mastercard is accepted. The solution also allows customers to spread their payments over six weeks for zero interest or fees.
Zilch founder and CEO Philip Belamant said, “Zilch’s absolute focus is the customer and ensuring that their experience is best in class. With our partner, Mastercard we remove acceptance as a barrier and ensure our customers can pay over time anywhere, instantly.
“We empower our customers to buy what they want, when they want it, without being limited by temporary cash shortages – that’s priceless. We are excited to continue our work with a partner that shares our values and is committed to addressing the needs of our customers at home and abroad as we gear up to launch Zilch in the USA and EU.”
Jason Lane, EVP Market Development Europe at Mastercard said, “We are excited to further our relationship with Zilch in their ongoing efforts to scale globally, expanding their offering across Europe and offering consumers even more choice on how and when they want to pay.”
Zilch recently gained unicorn status after it closed a $110m Series C funding round at a $2bn valuation.
The round was led by Ventura Capital and Gauss Ventures with numerous other notable investors. Existing investors included banking giant Goldman Sachs.
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