Zilch Brings Buy Now Pay Later to the US with Acquisition of Nepfin
LONDON, Sept. 2, 2021 /PRNewswire/ -- In preparation for a large-scale expansion into the US market, the large London BNPL (Buy Now Pay Later) player Zilch has acquired the debt funding platform NepFin (Neptune Financial) for an undisclosed sum.
This acquisition is particularly significant in light of NepFin's location. Headquartered in San Francisco, this business will serve as a convenient entry point for Zilch to enter the US market.
Although the exact purchase price of NepFin is unknown, the acquisition followed a recent Series B extension that raised $110 million for Zilch. This extension brought Zilch's total capital assets past the $200-million mark. In addition to funding M&A activities, this large serge in capital will help Zilch secure essential licensing, meet regulatory requirements, and expand the operational capabilities of its ground team in the US.
Former NepFin senior administrators Albert Periu and Thomas Meister wil join the Zilch management team to spearhead new stateside operations. Periu will serve as Chief Executive Officer of Zilch US and Thomas Meister will serve as Chief Operations Officer and General Counsel of Zilch US.
NepFin welcomes the new opportunities that the acquisition will bring. The company has "admired Zilch as a successful, fast growing innovator in the Buy Now Pay Later landscape for some time," according to Albert Periu. He adds, "Our team is looking forward to leveraging our prior experience, creating roots in Miami and attracting talent to solidify Zilch as a fintech leader in the U.S. as we head into the end of 2021 and beyond."
A fintech pioneer with well over 15 years of experience in the field, Zilch's Founder and Chief Executive Officer Philip Belamant launched and ran two successful fintech companies before he was 30 years old. He leads Zilch with a dual focus on transparency and responsibility. Zilch is also the only player in the BNPL sector to use Open Banking technology combined with soft credit checks to get a real-time view of client financial health, generate a comprehensive consumer affordability profile, and provide accurate borrowing recommendations.
"We've been exploring growth options in the US for some time and following the additional funding," said Philip Belamant, "and now was the perfect time to take another meaningful step towards our U.S. launch." Speaking directly about the NepFin acquisition, he said, "Albert, Tom and their team have done tremendous work and adding them to our team enables us to hit the ground running with regulation top of mind. We're highly confident that the team will mirror and build upon the success of Zilch as we bring the most scalable BNPL product to the US market."
Among its other benefits, NepFin has a California Finance Lenders License, an extensive stateside operations infrastructure, and a substantial history working within an American compliance and regulatory framework. Zilch and NepFin also share essential business values and philosophies that revolve around a common mission to provide alternative purchase methods for users that won't damage their credit ratings.
Zilch is the FinTech darling of the UK – Born in London, its unique over-the-top platform is the first of its kind in the fast-growing Buy Now, Pay Later (BNPL) space. By taking accountability for its customers, Zilch removes the anxiety associated with credit. Its proprietary data-driven credit assessment technology focuses on optimising its users' cash flow whilst preventing over-indebtedness. The company is growing at lightning speed with soaring numbers of sign-ups each month, making it the fastest-growing BNPL in the UK.
Unlike other players in the BNPL space, Zilch's merchant agnostic proposition offers its users unrestricted access to the entire online retail space, so they can shop wherever they choose to do so. Wanna buy it? Zilch it!
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