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Zilch raises USD 110 mln, increases valuation to USD 2 bln

Friday 12 November 2021 09:44 CET | News

UK-based Buy Now, Pay Later startup Zilch has raised USD 110 million in a fresh round of funding which values it at USD 2 billion, according to CNBC.
The investment was led by Ventura Capital, a pre-IPO investor that has previously backed Alibaba and Spotify, and Gauss Ventures, an investor in London fintech firm Curve. Zilch plans to use the fresh cash to launch into the United States. It has set up an office in Miami with about 10 employees working on its US expansion.

Buy Now, Pay Later, or BNPL, services have attracted swelling demand amid an acceleration of ecommerce during the coronavirus pandemic. Such products let shoppers split the cost of purchases over a period of months, often interest-free. BNPL accounted for 2.1% of all global ecommerce transactions — about USD 97 billion — in 2020, according to Worldpay data.

Zilch, on the other hand, lets users pay at any merchant that accepts Mastercard. Zilch takes a small cut from merchants on each transaction processed through its platform. The idea is that retailers are willing to pay these fees as it increases their sales in the long run.


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Keywords: BNPL, investment, funding, expansion
Categories: Payments & Commerce
Companies:
Countries: United Kingdom
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Payments & Commerce






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