FinTech startup Zilch has become one of the first Buy Now Pay Later (BNPL) to secure consumer lending authorisation from the Financial Conduct Authority (FCA).

The company says that it aims to redefines the BNPL market by placing consumer financial wellness at the heart of its operations and recently announced an Open Banking data partnership with CreditKudos.

Philip Belamant, Zilch Founder and CEO said “Zilch was built with customer affordability at the forefront of everything we do and we have been working towards this point since our conception. Having secured our consumer credit authorisation with the FCA is another step towards improving consumer financial wellness and removing credit-related anxiety for our customers.”

“We have been working very closely with the FCA over the past 12 months to make this a reality , I don’t think I’ve ever come across a regulator with such a forward-thinking approach to innovative business models. The Sandbox programme allowed us to seek advice from the FCA, get their oversight and guidance on our initial testing and ultimately ensure we were building a model that is not only profitable for our business but, importantly, one that works for our customers too.”

“We welcome and fully support this approach and believe lenders should always do their best to ensure they are at no point becoming a burden on the customer. For this to happen one must make use of the latest technologies in order to assess not just creditworthiness but affordability too. Zilch is leading the way in this regard.”