UK BNPL unicorn Zilch is preparing to open its services to 150,000 pre-registered customers in the US.
Zilch has been revving up for its US launch for some time, beginning with the acqusition of debt funding platform Neptune Financial in August of last year. A $110 million capital raise in November was billed as a marker for its expansion into the US, which was followed earlier this month by membership of the Financial Technology Association, a lobby group which represents other BNPL providers Afterpay, Figure, Klarna, Sezzle, and Zip.
Zilch has said its expects to hire over 100 people over the next year to support its launch in the US, which will be run out of Miami under US CEO Albert Peru. The company says it is targeting and addressable market of some 125 million users.
Zilch has grown rapidly since its launch 18 months ago, acquiring two million customers, who can use the app to pay later at all retail merchants where Mastercard is accepted and benefit from cashback deals and discounts for full repayment.
Philip Belamant, chief executive & co-founder of Zilch says: “Our experience in the UK, and the survey we conducted here in the US, make it clear that US consumers want much more from BNPL providers, what we call BNPL 2.0 - which removes what consumers dislike (lack of ubiquity/fees and/or late charges). Zilch also gives what consumers say they value - cash back, which can be used to discount larger purchases.”