The idea for Zilch was born out of our observations of the challenges that customers faced in the market. As a customer-centric business, Zilch provides users with the value they want from credit cards (points, deals, discounts and security) with the benefits of debit cards (no interest, no hidden fees). Delivering customers a flywheel of value.
First-generation BNPL providers rely on retailers and payments at the checkout, meaning they are competing against each other for merchant partnerships. Other BNPL or “Pay in 4, 6 or longer” companies provide the borrowing option at the point of sale. This means that they are wholly linked to retailers and the retailer is their “customer”.
At Zilch, our customers are people, not the retailer. This means that we are able to build a longstanding relationship with the customer, understand their needs, what they can afford and set borrowing limits before a customer decides whether or not to make a purchase and what they can afford. This puts the power of choice in the hands of the customer. The Zilch virtual MasterCard can be used online and in-store where MasterCard is accepted.
Zilch was built with financial health at our core, which is why we worked so hard with the FCA to secure a consumer credit licence from inception. At the beginning of 2022, Zilch partnered with the leading global CRA, Experian. Today, we are continuing to transform the way affordability is assessed which is the key to us delivering financial inclusion to all.