Zilch is growing at rates of up to five times more than its competitors in some sectors.
Customer milestones are some of the biggest celebrations for fintechs and now buy now, pay later (BNPL) Zilch is celebrating its first big one.
In just 13 months of operation, Zilch has reached one million customers signed up to its platform—a feat fellow fintechs often take years to achieve.
As it stands, Zilch is also experiencing between two and five times the year-on-year growth of its BNPL peers, including in the US where it just surpassed $140m in Sales.
“From becoming one of the UK’s first fully regulated ‘buy now, pay later’ providers to becoming a top app in the Apple store—Zilch’s one-millionth customer is a testament to the unique and customer-centric approach we’ve built from the ground up using the latest technology and regulatory frameworks,” Philip Belamant, CEO and founder of Zilch, said.
“Our commitment to build a trusted, transparent way for customers to manage their cash flow responsibly has seen Zilch recognised as both the highest-rated product of its kind on Trustpilot and now the most frequently used way to BNPL by its customers, who use the platform 4-5 times per month on average.”
Unlike traditional BNPL fintechs, such as Klarna and Clearpay, Zilch allows customers to pay in interest-free instalments at any online retailer where Mastercard is accepted, not just the ones supported by its platform.
Through the use of 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.