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FIRST ACCESS to Nadeem Walayat’s Analysis and Trend Forecasts

New BNPL Regulations Leave Zilch Leading the Way

Personal_Finance / Debt & Loans Feb 19, 2021 - 05:27 PM GMT

By: Sumeet_Manhas


Zilch’s customer-centric model protects consumers at all levels - FCA regulation requires other providers to step up their game.

Last week, the buy-now-pay-later market came to a standstill when the Financial Conduct Authority (FCA)released its latest regulations to improve protection for BNPL shoppers. These new policies follow cases of serious debt that customers have fallen into when shopping with certain BNPL providers during the coronavirus pandemic. The FCA has recognised that consumers need more education  when it comes to financing their payments, and its new rules have set a high bar that most BNPL providers must now reach.

Thankfully  for shoppers, though, there is one BNPL provider that doesn’t need to change its ways to meet the new regulations. The up-and-coming UK-based fintech Zilch has always adopted a customer-centric model, and the FCA has highlighted this provider as a safe option for customers looking to spread the cost of their shopping.

Why Zilch?

Zilch’s founder and CEO, Philip Belamant, launched many successful fintech companies in South Africa before relocating to London to redefine the UK’s BNPL market for a brighter future. And the financial entrepreneur’s efforts have paid off. Over the last year, Zilch has rolled out a $30m fund to scale its future-proofed shopping method, which enables customers to pay for their purchases over six weeks without having to empty their pockets on interest costs and other hidden fees. What’s more, customers can use the virtual Zilch card when shopping with any retailer that accepts MasterCard payments. It’s no wonder Zilch’s customer sign-ups are rapidly increasing, and it’s looking ever-more likely that they’ll become the next fintech unicorn.

Zilch gained its FCA licence after completing the financial regulator’s Regulatory Sandbox Programme, which involved 12 months of research and development into the BNPL provider’s services. The FCA analysed Zilch’s offerings, balance sheet, profit and loss forecasts, and cash flow statements – all while conducting a background check to qualify Zilch’s management team – concluding that Zilch offers impressive quality in the BNPL arena. In particular, the FCA commended Zilch for its rejection of compound interest and low initial lending limits.

Why the Call for New BNPL Regs?

The media has spotlighted the risks that come with certain BNPL schemes over recent weeks. In particular, the new Woolard Review highlighted major concerns surrounding debt stemming from BNPL schemes. It’s for this reason that the FCA has recommended 26 changes to improve debt advice services, step up collaboration between the government and the FCA, reform the regulation of community development finance institutions and credit unions, and provide more alternatives to high-cost credits.

These recommendations match up with Zilch’s customer-centricBNPL model, so much so  the fintech has voiced its support for healthier industry regulations. Zilch firmly believes that lenders should make every effort to support customers, instead of becoming a burden on them. The BNPL company has designed its model to offer the utmost consumer protection, making it one of the  most responsible companies when it comes to protecting its customers’ financial needs.

About Zilch

The BNPL market is evolving, and Zilch is heading the movement to better  buy-now-pay-later shopping. For example, Zilch is the first BNPL provider to embrace open banking data in its customer affordability assessments. The company has automated these assessments to run instantly when customers make purchases. This way, Zilch has been able to pave the future of the BNPL industry by putting a stop to hard credit checks and late fees. The fintech’s quarterly growth has now exceeded 120%, which means Zilch is onboarding more than 70,000 customers every month.

You can sign up for your free Zilch account at

By Sumeet Manhas

© 2021 Copyright Sumeet Manhas - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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