Finance & Economics

Yapily and Zilch Partner on Affordable Credit Solutions in UK

Yapily and Zilch announced the beginning of cooperation to provide affordable lending solutions to UK residents.

Yapily and Zilch Partner on Affordable Credit Solutions in UK


As part of the implementation of the partner project, the Yapily open banking platform will be used to support the process of making credit decisions on Zilch’s Buy Now, Pay Later (BNPL) offers.

Stefano Vaccino, CEO and founder of Yapily, says that currently, more than 5 million people in the UK do not have a credit history, which is why they do not have access to basic financial services. He also noted that currently, the world economy is going through difficult times, which means that all consumers should have the opportunity to apply for a loan.

A recent ClearScore study has testified that the personal budgets of Britons are under pressure as a result of the increase in the cost of food and utilities. Many citizens resort to an overdraft to cover expenses that have increased significantly.

By accessing consumer risk profiles and accessibility through the Yapily open banking platform, Zilch will be able to offer customers the most suitable lending options that will take into account the material well-being of consumers.

The announcement of the partnership followed Zilch’s announcements of plans to help customers raise credit scores and influence them by sharing information with all leading credit reference agencies (CRAs) in Great Britain. The company intends to cooperate with the British charity StepChange to provide a smoother and faster process for consumers who seek support.

Philip Belamant, CEO and co-founder of Zilch, said that in a cost-of-living crisis, it is extremely important for people to have access to a loan at 0% when managing cash flows. He also noted that the partnership with Yapily is based on an understanding of this feature of the current economic realities. Philip Belamant believes that the implementation of the cooperation project will help Zilch achieve the maximum consumer benefits of open banking technologies.

Access to loans and the cost of using them were key factors for Zilch when the team analyzed the indicators of short-term and long-term credit debt and saw great opportunities. Philip Belamant said last year that there is a $1 trillion problem in the UK, and it is a loan. Customers pay about $140 billion annually in fees and interest to service their debt.

Zilch was founded in 2018. From the very beginning of its activity, the company pursues the goal of getting rid of the typical disadvantages of standard lending and providing maximum transparent and easy access to financing.

Yapily was founded in 2017. The company is a banking infrastructure platform that solves the fundamental problem of access in the financial services sector.

As we have reported earlier, UK Open Banking Users Swell to 7 Million.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.