Zed, a credit-focused neobank, has announced today that it has received its Certificate of Authority to Operate as a standalone credit card issuer from the Bangko Sentral ng Pilipinas (BSP).
“This BSP license makes us the first Philippine neobank to offer credit cards as a standalone issuer,” said Danielle Cojuangco Abraham. “Our independence and foundation as a technology company allow us to rapidly and continuously improve our product, free from the constraints of legacy systems.”
After participating in a BSP-sanctioned pilot program for the past six months, the Zed Card is now officially rolling out to the public on an invite-only basis, beginning with its waitlist. Zed has experienced overwhelming demand for its no-interest, no-fee Mastercard Titanium Credit Card, with nearly 40,000 sign-ups since launching the waitlist in March of this year.
Those on the waitlist will receive invitations to apply for a Zed card over the coming months. “We’re thrilled by the excitement for Zed and the number of sign-ups we’ve received,” said Danielle Cojuangco Abraham, Zed co-founder and CEO. “Given the significant demand, it will take some time to accommodate all 40,000 individuals on the waitlist. Rest assured, we are already sending out invitations and will reach everyone who signed up. Our priority is onboarding new users at a pace that ensures a stellar experience for every Zed customer, so please be patient!”
Founded by Silicon Valley engineers Danielle Cojuangco Abraham and Steve Abraham, Zed is revolutionizing the credit card experience from the ground up. By leveraging cutting-edge technology, Zed aims to empower the next generation of Filipino professionals with the most powerful credit card on the market. It is the only credit card in the Philippines that offers:
- 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.
In addition to its unique business model that does not depend on interest revenue, Zed introduces a groundbreaking 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 exceptionally strong engagement among our early cardholders, with transaction volume doubling every month and 48% of cardholders making daily transactions,” said Zed co-founder Steve Abraham. “We are dedicated to providing an outstanding customer experience, and our early usage data confirms that the next generation desires a radically different credit card experience—one that eliminates expensive fees, promotes responsible spending, and offers seamless account control.”
Zed has secured US $6 million in seed funding from Valar Ventures, founded by PayPal founder and early Facebook investor Peter Thiel, along with support from founders and operators of Nubank, Mercury, Cred, and Square.
Be among the first to get a Zed Card. Learn more and join the waitlist at zed.co.
