Fintech Zilch redefines BNPL with ‘tap and pay-over-time’
By using the company’s app, consumers only pay 25% of an item’s purchase price upfront. After two weeks they must have paid 50%, by four weeks 75%, and then 100% by six weeks.
Zilch offers these payment terms on a “zero interest” basis; there are no hidden consumer fees and the company receives a separate charge from the store at which the item was purchased. Any refunds can be conducted in the conventional manner.
Digital payments: Freedom of choice
Founded in 2018, Zilch has already amassed a customer base of 200,000, with approximately 80,000 signing up within one month.
Its philosophy is one based on convenience tempered by responsibility: users have access to a limited balance to prevent overspending, and Zilch claims that savings of up to £350 per year can be achieved through the mitigation of fees and interest.
“[R]esponsibility must be at the heart of lending, with no exceptions,” said the company in a . Indeed, customers can actually unlock more features on the Zilch app as they use it responsibly. With payments services provided by Mastercard, the same amount of general protection usually afforded to its cards will also apply.
Simplifying and improving payments
According to Philip Belamant, Founder and CEO, the company has carefully selected its partners to facilitate an easy and seamless customer experience.
“Integrating with Apple Pay, Samsung Pay and Google Pay falls in line with our mission to become the best way to pay over time, anywhere – we are excited to be partnering with these leaders of convenience and when it comes to making a payment.
“Gen Z and millennials make up a large part of our customer base and are key to driving change when it comes to convenience and transparency – in a good way. The inspiration to keep innovating and bettering our product comes largely from them, and there will be more to come – watch this space.”
“Tap and pay-over-time will expand consumer choice in a payments landscape that we know increasingly demands it,” added Scott Lucas, CCO at Monavate.
“Zilch’s ability to innovate alongside changing customer demand is reflected by significant growth to date and ambitious targets going forward, something we’re proud to help make a reality.”
Image source: Zilch
Amber Group Valued at US$1bn in $100m Funding Round
Amber Group, a cryptocurrency financial services firm, has raised US$100m in a Series B funding round at a pre-money valuation of $1bn.
The funding round was led by Chinese investment firm China Renaissance, and other participants in the Series B include Tiger Brokers, Tiger Global Management, Arena Holdings, Tru Arrow Partners, Sky9 Capital, DCM Ventures and Gobi Partners. Existing investors Pantera Capital, Coinbase Ventures and Blockchain.com also joined in.
Michael Wu, co-founder and CEO of Amber Group said in a statement that the funding would be used to “expand global operations to meet client demand and develop market solutions for the world’s leading crypto investors and companies.”
“We’ve had record months over the past quarter across both client flow and on-exchange market-making volumes,” Wu said in a press release. “Our cumulative trading volumes have doubled from $250 billion since the beginning of the year to over $500 billion.”
Cryptocurrencies are becoming increasingly popular, with many people investing, although not everyone seems to know what they are investing in. Using survey data collected from 750 investors earlier this year, Cardify found that only 16.9% of investors who have bought crypto “fully understand” the value and potential of cryptocurrency, while 33.5% of buyers have either zero knowledge about the space or would call their level of understanding “emerging.”
Who is Amber Group?
Amber Group is a global crypto finance service provider with a presence in Hong Kong, Taipei, Seoul, and Vancouver. Founded in 2017, Amber Group services over 500 institutional clients and has cumulatively traded over $330 billion across 100+ electronic exchanges, with over $1 billion in assets under management. The company said that its assets under management, or AUM, reached $530 million in 2020, representing a 275% increase from the previous year.
Instead of being a cryptocurrency exchange that allows users to trade individual digital coins, Amber Group CEO Michael Wu said the company is bringing a “private banking experience to the everyday customer.”
Their goal is to optimise investment flexibility, maximise investment returns and deliver long-lasting value for their clients. In 2019, Amber Group raised $28 million in Series A funding led by global crypto heavyweights Paradigm and Pantera Capital, with participation from Polychain Capital, Dragonfly Capital, Blockchain.com, Fenbushi Capital, and Coinbase Ventures.