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304 North Cardinal St.
Dorchester Center, MA 02124
Zilch Technology, established in 2018 with a modest team and ambitious aspirations, operates on a business model featuring a mobile app and an online payment facility. The online payment option offers users the benefit of zero-interest payments, particularly advantageous for shopping transactions. The company’s vision revolves around creating an inclusive payment solution that caters to everyone, prioritizing customer satisfaction.
Co-founders Philip Belamant and Sean O’Connor joined the company in 2018, propelling it to become one of Europe’s fastest-growing enterprises, achieving unicorn status in an impressively short span. Recognized in the Financial Times’ Tech Champions of 2022, Zilch Technology secured the runner-up position in the Banking and Payment category, boasting a remarkable turnover growth of 1,396% in 2021-2022.
How it works
Zilch Technology leverages its customers’ bank accounts to provide flexibility in payment durations. Opting to pay in full comes with rewards, accessible through the Zilch App, offering exclusive deals and higher incentives.
Upon approval, users receive a virtual payment card with a personalised credit balance. Payment options include “pay in four,” where the initial 25% is paid immediately, and the remaining costs are split into three parts, each payable within two weeks. Another option is “pay in one,” using the virtual Zilch card for entire purchases, accompanied by a 2% cashback in the app.
Customers can link their credit or debit cards to their Zilch account, with the virtual Zilch card being accepted by all Mastercard retailers globally. Using a debit card can yield up to 5% cashback on every purchase. Those opting for a credit card can enjoy interest-free payments via the Zilch App, with only a small credit card fee, given its affiliation with the Mastercard network.
Zilch Benefits
Accumulating Zilch rewards is straightforward, offering customers a means to enhance their credit scores through regular usage and timely repayments. The “pay now” option proves beneficial for both customers and Zilch Technology.
Staying well-informed is a priority for Zilch, providing updates on upcoming repayments and a transparent purchase history. Security is paramount, with Zilch being SOC2 licensed, employing enhanced ID verification, multi-factor authentication, and data encryption.
Costs
Initial usage of Zilch is free, including the application for a personalised virtual Zilch Mastercard. Zilch imposes no interest on transactions made with the virtual card and does not charge monthly or annual fees, ensuring a commitment-free account opening process.
Country-specific conditions apply, with the US experiencing no fees for “pay in 1” or “pay in 4” transactions, online or in physical stores. In the UK, additional options include a “snooze” function for repayments, with a small fee applicable when extending this feature. Zilch is transparent about fees, ensuring customers are informed when charges are applicable.
Zilch or Credit Card
Zilch Technology offers a service similar to traditional credit card companies, providing an extended payment period. However, Zilch distinguishes itself with a limited repayment period of 6 weeks and a complete absence of interest on borrowed credit. Unlike credit cards, Zilch prohibits repayments via credit cards or balance transfers to mitigate the risk of accumulating further debt.
Zilch Corporate
Zilch Corporate targets businesses interested in collaborating under their ASPN model. By redirecting ad revenue directly to Zilch’s customers, retailers can tap into a pool of primed and ready-to-spend consumers. Zilch envisions democratizing the industry with ad-subsidized credit, aiming to enhance customer financial health and provide value to businesses.
