Zilch, a United Kingdom buy now, pay later (BNPL) firm, is now offering its services across Europe as it challenges Afterpay and Klarna in the highly competitive sector, TBTech.com reported Thursday (Jan. 13).
The London-based FinTech said the expansion is possible because of its expanded partnership with Mastercard, according to the report. Zilch allows users to pay at any merchant that accepts Mastercard. Typically, BNPL merchants offer the option at checkout on selected retailers’ websites.
“We are excited to continue our work with a partner that shares our values and is committed to addressing the needs of our customers at home and abroad as we gear up to launch Zilch in the USA and EU,” Zilch Founder and CEO Philip Belamant said, per the report.
The company said its digital card is available in the U.K. and has reached more than 1.7 million customers in less than 15 months, the report stated. Zilch boasted that it reached unicorn status — when a startup is valued at more than $1 billion — in 14 months, with a valuation of $2 billion.
Jason Lane, Mastercard’s executive vice president of Market Development in Europe, said the expanded relationship with Zilch will increase Mastercard’s offering in Europe, providing consumers more choice on how and when they want to pay, according to the report.
In August, Zilch bought NepFin, a commercial lender.
Read more: BNPL Firm Zilch Buys Commercial Lender NepFin, Readies US Growth
The acquisition followed Zilch’s Series B funding round, which generated $110 million, driving its total funding to $200 million. The company said the funds would be integral to its expansion in the U.S. and would help obtain key licensing and regulatory capabilities.
Buoyed by the acquisition, Zilch said it expected to scale its U.S. team by year’s end, with additions in its sales, marketing, compliance, customer service and engineering departments.
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