UK Buy-Now-Pay-Later Fintech Zilch Takes Step Toward ABS Market
- Buy-now-pay-later firm says Deutsche Bank-led line expanded
- CFO Says deal paves way for publicly-rated securitization deal
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Zilch Technology Ltd.’s chief financial officer says the buy-now-pay-later lender is one step closer to issuing its first publicly-rated asset-backed security after expanding an existing debt deal and bringing on new investors.
The UK fintech, which allows customers to split their shopping bill into interest-free payments, said it expanded its existing £100 million ($129 million) securitization facility with Deutsche Bank AG by £50 million and brought in two new unnamed credit-fund investors. The credit line will enable Zilch to provide up to £10 billion in transactions annually, according to a statement Monday.