Connect with us

Hi, what are you looking for?

HEADLINES

Credit-led neobank Zed secures Bangko Sentral ng Pilipinas license

After operating in a BSP-sanctioned pilot for the last 6 months, the Zed Card is officially rolling out to the public on an invite-only basis, starting with its waitlist.

Zed, a credit-led neobank, announced today it has received its Certificate of Authority to Operate as a standalone credit card issuer from the Bangko Sentral ng Pilipinas (BSP). 

“Our BSP license makes us the first Philippine neobank to offer credit cards as a standalone issuer,” said Danielle Cojuangco Abraham. “This independence and our foundation as a technology company means we can rapidly and continuously improve our product, unconstrained by legacy systems.”

After operating in a BSP-sanctioned pilot for the last 6 months, the Zed Card is officially rolling out to the public on an invite-only basis, starting with its waitlist. Zed has seen overwhelming demand for its no interest, no fees Mastercard Titanium Credit Card, garnering close to 40,000 sign ups since launching its waitlist in March this year. 

Those who have signed up for the waitlist will receive invitations to apply for a Zed card over the coming months. “We’re overwhelmed by the excitement for Zed and the number of signups we’ve received. Given the significant demand, it will take some time for us to open up spots for all 40,000 individuals on the waitlist. Rest assured, we’re already sending out invitations and will get to everyone that’s signed up. Our priority is onboarding new users at a pace where we can ensure a stellar experience for every Zed customer, so hang tight!” said Danielle Cojuangco Abraham, Zed co-founder and CEO.

Advertisement. Scroll to continue reading.

Steve Abraham and Danielle Cojuangco Abraham, Founders of Zed

Founded by Silicon Valley engineers, Danielle Cojuangco Abraham and Steve Abraham, Zed is reimagining the credit card from the ground up, leveraging technology to empower the next generation of Filipino professionals with the most powerful credit card. It is the only credit card in the Philippines with:

  • No fees. Zed has no annual fee, foreign transaction fees or any other fees, so customers simply pay for their purchases, nothing more. 
  • No revolving interest. Customers get up to 31 days of credit with 0 interest with no fear of revolving their balance and incurring interest charges.

Beyond its unique business model that does not rely on interest revenue, Zed introduces a revolutionary approach to credit limits:

  • Smart credit limits: Zed determines credit limits by analyzing a user’s current and potential income among other other data. This approach empowers young professionals with limited credit history to build credit responsibly and avoid limitations based solely on traditional credit scores.

“We’ve seen really strong engagement among our early cardholders, with transaction volume growing 100% month over month and 48% of cardholders transacting daily,” said Zed cofounder, Steve Abraham. “We’re obsessed with delivering an exceptional customer experience, and our early usage reaffirms our view that the next generation is hungry for a completely different credit card experience that cuts out expensive fees, supports responsible spending and provides seamless control over your account.”

Zed has raised US $6 Million in Seed funding from Paypal Founder and early Facebook investor, Peter Thiel’s Valar Ventures, and founders and operators from Nubank, Mercury, Cred, and Square. 

Advertisement
Advertisement
Advertisement

Like Us On Facebook

You May Also Like

HEADLINES

“Smart is a partner whom we deeply value, as they share our goal of consistently elevating our offerings for our loyal customers. Their consistent...

HEADLINES

With the nation facing ongoing economic challenges, the event aimed to provide practical solutions to help Filipino businesses thrive and support the local economy.

HEADLINES

This latest innovation marks PetPal’s move in expanding its services to cater not just to pet owners, but also Filipino veterinarians.

HEADLINES

This strategic alliance unites Leica’s 155-year tradition of excellence in camera-making with Henry’s decades-long expertise and close ties to the Filipino photography community, promising...

HEADLINES

This partnership underscores RHR’s commitment to sustainability and reducing its carbon footprint through solar power.

HEADLINES

Their joint showcase highlighted a commitment to revolutionizing classrooms through advanced robotics and mobile learning labs, cementing their place as frontrunners in the EdTech...

HEADLINES

Digital travel platform Agoda has noted 13% more accommodation searches compared to the same month last year.

HEADLINES

This partnership goes beyond providing digital tools and connectivity; it seeks to drive long-term, sustainable growth for MSMEs, ensuring that even the smallest businesses...

Advertisement