Zilch, the UK BNPL fintech, has received a licence which it says will remove its reliance on third parties and allow it to build more payment methods in-house.
Zilch, which is backed by Goldman Sachs and eBay, also said it had strengthened its ties with Visa, which earlier this year replaced Mastercard as Zilch’s card network partner.
The UK fintech has received a payments services licence from the UK's main financial regulator, the FCA.
Zilch said the licence means it will be less reliant on third parties and would be able to build more payment methods in-house, as well as bring products to market quicker.
It comes ahead of the full rollout of Zilch’s one-click checkout feature, Zilch Pay, next year.
Philip Belamant, co-founder and CEO of Zilch, said: “This is a major step change for Zilch, bringing us firmly into the payments tent and giving us a true seat at the table to shape the ecosystem.
“It opens the door to new opportunities, setting us up to move even faster, more efficiently and cost-effectively."
Zilch also said it has secured “Principal Membership” of Visa for the first time, and that Zilch and Visa intend to explore new opportunities to collaborate on payments.
In November, Zilch, which has over 5m customers, bagged over $175m in an equity and debt funding round as it eyed acquisition targets.
The funding round was led by KKCG, the Czech investment group, with participation from BNF Capital, the family office, and other strategic investors.
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