- Zilch charges ahead with enhanced AI
capabilities via AWS
- Zilch’s total GMV now over $3 billion, 50% of
which was generated in the last 12 months
Zilch, the world’s first ad-subsidised payments network (ASPN),
today announced its latest milestone: surpassing 4 million
registered customers within just 44 months of launch.
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"In less than four years, we’ve transformed how millions
experience, engage and - most importantly - are rewarded with their
daily payments, generating our customers over $500 million in
savings and counting," said Philip Belamant, CEO and co-founder
of Zilch.
Zilch currently adds over 100,000 new customers each month and
now around 12% of the UK’s 33 million adult working population has
a Zilch account. Since its launch, the platform has created over $3
billion in commerce, or Gross Merchandise Value (GMV), for
retailers, with over half of this GMV generated in just the last 12
months, reflecting an accelerating pace in its rapidly growing
business activities.
Zilch customers today interact with the platform 10-15 times
more frequently than users of peers. This high customer frequency
not only drives Zilch’s continuous growth but also attracts an
increasing number of retailers to the platform, who are eager to
connect through data-led ad targeting with Zilch’s hyper-engaged
and growing user base. Through Zilch’s ASPN services, any of the
c.37 million retailers on Mastercard can offer attractive
contextualised deals and discounts on everyday purchases the
customer makes, online or in-store via tap-and-pay. This virtuous
cycle of value draws more consumers to use Zilch’s array of
features, all of which are subsidised by retailers’ advertising
spend.
Years of high recurring transaction activity with Zilch’s now
4-million-strong customer base have given the company a uniquely
rich data set to train and optimise its AI engine. Following the
recent enhancement of its partnership with Amazon Web Services
(AWS), Zilch continues to push the boundaries of innovation in
Artificial Intelligence across its business operations. Leveraging
AWS's powerful machine learning (SageMaker) and GenAI (Bedrock)
services, Zilch has unlocked its deep lake of customer behavioural
data. In April, AWS invited Zilch’s CEO to present the opening
keynote at its annual AWS Summit, where he announced that, over the
past year, these technologies have enabled the company to further
develop and deploy sophisticated AI tools that have advanced credit
underwriting, fraud prevention and customer servicing.
Belamant added: "Our advanced use of GenAI and machine
learning, backed by AWS’s robust cloud capabilities we’ve been
building with for years, allows us to continuously innovate our
flywheel of value at the sustainable operational pace and scale
necessary to lead the revolution in payments - such as live,
personalised affordability limits and buyer intent prediction."
Zilch’s momentum in 2024 is highlighted by several strategic
initiatives, including the introduction of a new ‘Pay over 3
Months’ zero-interest regulated credit option, the co-founding of
the Unicorn Council for UK FinTech (UCFT) and the partnership with
Checkout.com as its global acquiring partner. These developments,
combined with the ongoing AWS collaboration, are expected to
further accelerate the deployment of next-generation AI
capabilities, ensuring Zilch remains at the forefront of
technological advancements in fintech and cutting edge of consumer
financial services.
For more information on Zilch, ASPN and its innovative payment
solutions, visit www.zilch.com.
About Zilch
Zilch’s vision is to eliminate the cost of consumer credit. For
good.
Zilch is a multi-award-winning pioneer of the world’s first
direct-to-consumer, ad-subsidised payments network (ASPN).
Leveraging its unique, vertically integrated, first-party-data
business model, Zilch sets itself apart from the incumbent fintech
industry with a profitable global revenue source, bringing
unrivalled value to customers and marketers alike. Today Zilch is
revolutionising the $50 trillion advertising and payments
industries by merging the very best of debit, credit and
savings.
Zilch provides millions of customers the freedom to go anywhere
in the world (online or offline) and, when they pay, earn up to 5%
cashback & rewards on debit payments (‘Pay Now’) or spread
interest-free credit repayments over six weeks or three months. In
the process, Zilch helps customers build their credit profiles with
the major credit agencies. Within 44 months of launch in 2020,
Zilch amassed more than 4 million registered customers.
In 2023, Zilch launched its proprietary ASPN service, which
allows retailers worldwide instant connection with millions of
Zilch’s first-party data, closed loop network of high-intent
customers, while offering customers personalised savings, deals and
discounts codified to their habitual daily spend.
In January 2023, Zilch struck a ground-breaking reporting
agreement with the UK’s prime credit reference agencies,
transforming the UK lending ecosystem by enabling all adults to
build their credit records using interest-free credit rather than
high-cost revolving credit products.
Since April 2020, Zilch has been regulated by the Financial
Conduct Authority (FCA), obtaining a consumer credit licence
through the Regulatory Sandbox Programme.
Driven by innovation and a commitment to excellence, Zilch is
setting new benchmarks in the industry to create a more inclusive
and efficient ecosystem, empowering millions of users to budget and
manage their financial lives more effectively and
transparently.
For more information, visit: www.zilch.com
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version on businesswire.com: https://www.businesswire.com/news/home/20240522243066/en/
Zilch – Ryan Mendy, Chief Communications Officer:
Comms@zilch.com For any Press & Media enquiries, please
contact: zilch@hawthornadvisors.com