BNPL firm Zilch sets up US expansion with NepFin acquisition
UK buy now, pay later (BNPL) company Zilch has acquired fintech start-up NepFin for an undisclosed sum as it gears up for its US debut.
The financial terms of the deal are undisclosed
The London-based fintech raised $110 million in debt and equity funding in an extension to its Series B funding round last month.
It said at the time the investment will be used to accelerate its growth in the UK and fund the launch of its services in the US.
NepFin offers a commercial lending platform and provides funding to small to medium-sized enterprises (SMEs) in the US to help them scale.
The acquisition of NepFin will give Zilch a foothold in the US market with the help of its California Finance Lenders License and compliance and regulatory framework.
NepFin founders Albert Periu and Tom Meister will also join Zilch as USA CEO and USA COO respectively.
Zilch now plans to expand its US team and lay the groundwork for its launch as it looks to “offer the best way to pay to the US market”.
Founded in 2018, Zilch’s BNPL app allows customers to shop wherever Mastercard is accepted and spread payments out over six weeks.
The firm says its use of open banking technology combined with soft credit checks allows its app to give recommendations of what customers can afford and help prevent problem debt.
