, and new startups have sprung up to disrupt the model again. To that effect, London-based Zilch has just raised its second funding round of 2020, a $30 million Series B.
Customers can use a Mastercard-linked payment card to purchase items in installments at a chosen retailer. Unlike Klarna and others which are integrated into the retailer, Zilch connects to a user's account through open banking to extend credit. "There's a disconnect between the incumbents and the end-consumer because companies like Klarna are effectively merchant-acquiring businesses," he said. "That misalignment is why we've built Zilch the way we have, as a customer there could be five separate point-of-sale providers on a website which is confusing."
Believe it or not the sector has always drawn scrutiny. Something about people paying 20% more for items they already can’t afford at its MSRP.
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