The Financial Technology Association (FTA) welcomed fintech double unicorn and London-based Buy Now Pay Later provider Zilch as its newest member. The addition of Zilch brings FTA’s total membership to 20 technology-based financial services companies, from modern payments providers and lending platforms to personal finance apps, AI/ML innovators, and more.
“We’re thrilled to mark the growth of FTA with the addition of another industry leader transforming financial services for the better,” said Penny Lee, Chief Executive Officer of FTA. “Zilch offers alternative credit options providing consumers flexibility without charging interest or fees.”
“Zilch was one of the first BNPL providers in the UK to be regulated as financial health is built into the core of our business model. With this in mind, we are excited to be working with the Financial Technology Association as a voice for us and the industry at large in Washington,” said Philip Belamant, CEO and Co-Founder of Zilch. “This is such a crucial time, with economic volatility creating a cost of living crisis, consumers need access to innovative options to pay and awareness of better alternatives for more responsible spending and lending. We’re excited to partner with like-minded fintech companies to advocate for modernized financial policies that enable responsible, consumer-friendly innovation.”
Zilch is transforming credit and payment services and recently surpassed two million users in just 18 months. Unique to the BNPL space, Zilch created BNPL 2.0, partnering directly with people to offer a BNPL option at up to 40 million locations, or anywhere Mastercard is accepted. Zilch enables its customers the option to either Pay in 1 and earn instant rewards or Pay in 4 over six weeks with zero interest and zero fees.
With its own proprietary behavioral data technologies, Zilch integrates a unique blend of world-class CRA data and Open Banking data to make active consumer lending decisions each time a customer spends. This creates a real-time 360-degree view and assessment of a customer’s affordability, accurately recommending what they can afford to spend, preventing potential debt, and driving greater responsibility.
The FTA also represents BNPL providers Afterpay, Figure, Klarna, Sezzle, and Zip. Earlier this year, the FTA submitted a comment letter to the Consumer Financial Protection Bureau noting how its BNPL members are committed to advancing industry standards and ensuring access to flexible, low-cost, and responsible payment options. A recent survey of BNPL users found that only one percent had trouble understanding the terms and conditions of the provided BNPL service.