London-based fintech Zilch partners with digital payment giant Checkout.com to enhance global consumer payment services, marking a significant leap in their journey towards redefining the financial technology landscape.
In a significant development for the financial technology sector, London-based Zilch has entered into a strategic partnership with Checkout.com, a global leader in digital payment solutions. This collaboration marks a pivotal step in Zilch’s quest to redefine the consumer payment experience on an international scale. By tapping into Checkout.com’s extensive acquiring network, which supports over 145 currencies and offers domestic acquiring in more than 45 markets, Zilch is set to provide its customers with faster and more reliable payment services.
Zilch, recognized as the world’s first ad-subsidised payments network (ASPN), has experienced a meteoric rise since its inception. The company’s innovative approach combines aspects of debit, credit, and savings, offering its users the ability to earn rewards or spread the cost of purchases over time, all while building their credit profiles. This model has not only attracted over 3.6 million registered users but has also redefined the dynamics of consumer credit and advertising.
The timing of this partnership with Checkout.com comes on the heels of Zilch’s expansion of its consumer credit offerings, including the options to ‘Pay over 3 months’ and ‘Pay over 6 weeks’. With its users engaging with the Zilch card more than 100 times annually and hitting the 10 million monthly payments milestone, the need for a robust payment infrastructure has never been more critical.
Philip Belamant, Zilch’s CEO & Co-Founder, lauded Checkout.com’s innovative edge and its proven track record with global heavyweights as key factors in solidifying this partnership. He also highlighted the UK’s vibrant fintech ecosystem and expressed pride in Zilch’s contributing role, further emphasized by his position as a founding Co-Chair of the Unicorn Council for UK Fintech.
This alliance is not just a testament to the pioneering spirit of both companies but also underscores the potential of fintech collaborations to push the boundaries of financial services and customer experience. As Zilch aims to eliminate consumer credit costs fully, partnerships like these are crucial in paving the way for a more inclusive and adaptable financial landscape.
On the flip side, Guillaume Pousaz, Founder and CEO of Checkout.com, conveyed enthusiasm about assisting Zilch in streamlining its payment processing and acquisition. According to him, this strategic move is especially thrilling given the dynamic nature of the current market and the role Checkout.com’s technology plays in empowering leading global companies.
Zilch’s aspiration to revolutionize the $50 trillion advertising and payments industries through an innovative blend of payment solutions and advertising monetization is ambitious. It’s a futuristic model aiming at an ad-subsidised payments network that benefits both consumers and retailers by harnessing the power of first-party data to offer personalised savings and discounts.
Moreover, Zilch’s initiative of partnering with the UK’s prime credit reference agencies earlier in January 2023 to enable working adults to bolster their credit records through interest-free credit instead of high-cost credit products is a leap towards transforming the UK lending ecosystem.
As Zilch continues to scale its operations facilitated by its newly obtained consumer credit licence from the Financial Conduct Authority (FCA), the partnership with Checkout.com signifies a strategic inflection point. It’s a moment that might very well accelerate Zilch towards its vision of offering seamless, cost-effective financial services, capturing a substantial share of consumer wallets globally.
For Checkout.com, this collaboration reinforces its market position as a flexible, scalable, and efficient payments platform provider. By teaming up with Zilch, Checkout.com is not only expanding its client portfolio but also showcasing the adaptability and reach of its payment solutions across diverse markets. As both companies stride ahead, this alliance is poised to set new benchmarks in the fintech domain, highlighting the transformative power of strategic partnerships within the industry.