Buy-now-pay-later fintech Zilch lands FCA authorisation
London-based Zilch has today become one of the first home-grown buy-now-pay-later (BNPL) fintechs to gain consumer credit authorisation from the Financial Conduct Authority (FCA).
Zilch uses open banking, in partnership with fellow London-based fintech Credit Kudos, as well as soft credit checks to assess a customer’s creditworthiness and affordability.
Speaking with AltFi last week, CEO and founder Philip Belamant, teased the upcoming announcement: “The FCA gave us our initial authorisation five months ago and we are looking forward to some pretty big news on that, which we believe we will be getting soon.”
“We really feel like between out open banking integration, the way we’re doing affordability and interacting with the regulator, we really feel like we are providing the most responsible way to pay over time,” Belamant added.
Unlike traditional BNPL fintech, such as the likes of 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.
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