UK-based fintech Zorrz Finance has teamed up with Swedish fintech Sileon to integrate new buy now, pay later (BNPL) functionality into its flagship ‘BlueAccess’ credit card.
The additional functionality will give consumers the flexibility to split payments for a purchase when using their BlueAccess card, with both the partnership and the credit card due to launch in the fourth quarter of 2023.
Zorrz Finance has developed an AI-powered tool called ‘MoneyInsight360’ which generates a “unified view” of an individual’s credit history.
Its BlueAccess card has been designed specifically for immigrants, individuals with past credit challenges, and also for students – those who are typically considered to be ‘thin file’ or ‘credit invisible’.
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.”
Mistry called access to credit “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,” he added.
David Larsson, chief executive officer of Sileon, said: “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.”