Zip announces new global brand and expansion plans
The UK Buy-Now-Pay-Later (BNPL) fintech, Zip has renewed its revamped brand purpose, putting the financial well-being of its customers and merchants at its core. The new brand will roll out across its global operations from mid-August 2021 and the company plans to invest in brand awareness campaigns in its key markets.
The new company philosophy is centered around helping customers take control of their financial future and pay for life’s necessities without unreasonable interest charges.
Launched in March 2021, Zip is one of the fastest-growing BNPL lenders globally and is partnered with several leading brands including Homebase, boohoo, Fashion Nova, and The Hut Group.
Zip growth trajectory
Following a period of rapid international growth, the startup company now has a presence in 12 countries and serves more than 7.3 million customers. Its services enable users to pay for their purchases in installments, interest-free.
Zip will continue its investment in building a unified global brand, driving increased business outcomes for merchants and value for customers across the Zip ecosystem.
Zip also works with over 51,000 merchants internationally, allowing them to offer flexible payment terms to consumers and driving traffic to merchants’ businesses through its own channels.
As part of its growth strategy, the fintech will serve customers and merchants across North America, UK, Europe, Middle East, and APAC. This will be carried out under a single unified brand.
Speaking about this latest development, Zip Co-founder and Global CEO, Larry Diamond said, “We believe Zip can become the fairest and responsible payments brand in the world, on the side of merchants and consumers.”
Diamond added, “We've built a brand that will grow with us as we continue to expand our global footprint, and that allows us to celebrate our merchants, customers and our Zipsters, putting them at the centre of all that we do.”
Nymbus enters strategic partnership with Plaid
Nymbus, a leading provider of banking technology solutions, has partnered with Plaid, a data network powering the digital financial ecosystem, to more instantly authenticate and fund customer bank accounts for financial institutions.
This new integration will allow Nymbus bank and credit union clients to securely onboard new users in a matter of seconds, which in turn translates to more active and engaged banking experiences. Plaid’s data network enables consumers to connect their financial accounts at over 11,000 institutions globally to more than 5,000 digital finance apps, including leading payments, investing, and budgeting tools.
What are the benefits of the integration?
Benefits of the Nymbus and Plaid integration for financial institution customers include:
- Improve user identity verification and reduce fraud.
- Instantly authenticate and link members’ bank accounts.
- Streamline ACH transfers between any bank or credit union in the US.
- Access and analyse comprehensive transaction data.
- Validate real-time account balances to protect against overdraft and enable account pre-funding.
“As more consumers than ever before rely on digital finances for their everyday lives, financial institutions need to meet their customers where they are while supporting safe and reliable money management experiences,” said Sarah Howell, Chief Alliance Officer at Nymbus. “Our expanding network of partners are important contributors to Nymbus’ combined portfolio of the technology, people and process available to quickly innovate with new routes to market and revenue streams.”
Continuous growth and expanding partnerships
Founded in 2015, Nymbus has continued to grow. Most recently the company has closed a new round of financing led by the Curql Fund. The US$5 million investment will be used towards Nymbus CUSO and accelerate a shared commitment to breakthrough technology for ensuring continued growth and stability for the credit union community.
Nymbus CUSO was founded in March 2021 to help break through barriers to growth, and its mission is to connect credit unions with trusted fintech offerings that both simplify technology delivery and enable new digital revenue opportunities.
Last year Plaid set a goal to move 75% of its traffic to APIs by the close of 2021, calling it “one of our top priorities as the industry moves full-steam ahead toward a fully digital financial system.”
Recently it has announced an open finance partnership with Capital One, a digital finance innovator, and the successful completion of its migration to the Capital One API. They have also completed or have in-motion data access agreements with major US financial institutions, including U.S. Bank, JPMorgan Chase, Wells Fargo, and others.