More shoppers and customers are beginning to embrace the service of Buy Now, Pay Later (BNPL) platforms as lending in the region has seen a significant upsurge.
Recent studies show that most of the consumers within the UK, especially teenagers and young adults between 18 and 24 years old, prefer BNPL options to credit cards.
This trend of growth in interest in demand has also spurred increased competition between startups who contend for their share of the market by finding various ways to make paying for goods and services easier on buyers in an economy that’s still struggling to leave the shadows of the pandemic behind.
The BNPL market is already playing host to the offerings of global names, including Klarna, ClearPay.
Competing with these global firms is the homegrown option Zilch, which is established as the leader in the UK. To further seal its place as the leading BNPL option in the UK and also explore the vast market size available in the US, Zilch has announced its decision to acquire NepFin.
This a move possible by the US$110 million in fresh capital injection raised by Zilch from its Series B extension in July. The deal will be an avenue for the firm to expand its US team, bringing Albert Periu on as CEO of the US, and Thomas Meister as COO & General Counsel in the US.
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