UK fintech company Zorrz Finance is adding buy now pay later (BNPL) functionality to its credit card through a partnership with Swedish firm Sileon.

Zorrz has developed an AI-powered tool called MoneyInsight360, which generates a unified view of a person’s credit history.

The company is gearing up to launch its flagship credit card – the BlueAccess card – designed specifically for immigrants, individuals with past credit challenges, and students.

Zorrz is aiming to democratise access to credit by creating a “financial health score” – an alternative to the credit scores given by the main credit reference agencies.

The partnership will integrate Sileon’s BNPL software solution onto Zorrz’s BlueAccess card. The move is aimed at providing consumers with more financial flexibility if they wish to split payments when using their BlueAccess card.

Priyesh Mistry, director of Zorrz, said: “We’re excited to team up with Sileon and add BNPL functionality to our products. Their powerful SaaS technology gives us the ability to meet customers’ needs for more payment choice. This partnership aligns with our mission to democratise access to credit through AI and tech.

“The cost-of-living crisis has brought people’s financial challenges into sharper focus, and access to credit is a major issue for millions of people. Tech undoubtedly holds the key to solving such issues – it will provide better ways to assess someone’s creditworthiness while reducing the barriers people face in trying to access financial products and accounts.”

David Larsson, CEO of Sileon, added: “We’re thrilled that Zorrz has chosen our BNPL SaaS Platform to meet the growing appetite for instalment payments in the UK. This represents an exciting step forward as we continue expanding globally.”

The partnership between Sileon and Zorrz is set to launch in Q4 2023, which is when the first customers will begin using Zorrz’s BlueAccess card.

Reference by: https://www.uktech.news/ecommerce/dice-music-ticket-funding-20230823