The Buy Now Pay Later (BNPL) market is currently a £2.7 billion market in the UK, as per a review by the Financial Conduct Authority. While Klarna and Afterpay are credited for pioneering the BNPL trend, London-based Zilch is trying to define the sector in the UK. It also recently passed its 1 million customer milestone. In an interview with UKTN, the company’s CEO and founder, Philip Belamant, reveals more about the company, it’s future plans and more.
1 million customers
Zilch just announced its 1 millionth customer, which is a notable milestone for the company, that exited beta 13 months ago. The startup shows between 2-5X year-on-year growth rate over its industry peers, including its rivals in the US. Zilch also recently surpassed $140M in sales.
“Traditional credit cards come with limits that aren’t linked to a customer’s ability to repay, in fact, the model incentivises providers to facilitate borrowing that leads to interest charges and late payment fees,” says Belamant. “At Zilch, our BNPL model only works if customers are able to repay what they borrow. We’ve built a completely transparent alternative in consumer credit around structured repayment plans, zero interest and no hidden fees.”...