A UK based company Zilch, buy now, pay later fintech, declared it secured $30 million through its oversubscribed pre Series B in less than three weeks. The latest funding round occurs just a few months after Zilch raised $10 million.
Zilch offers a Buy Now Pay Later facility that allows consumers to pay for a purchase in the course of six weeks without any fees or interest.
“Zilch ensures that customers never over-borrow by making use of Open Banking and AI to determine each customer’s level of affordability and only funds low-value discretionary purchases. As a result, Zilch’s customers rarely default and make use of the product as a cash flow management tool, which has proven to be of huge value during this COVID period.”
Zilch also stated that it has seen customers increase fourfold over the last six months and transaction volume increase by more than 100% month-on-month.
