Fintech firm, Zorrz Finance, has partnered with Swedish fintech, Sileon, in a move to enable more consumers to access Buy Now, Pay Later (BNPL) solutions.
Zorrz has developed an artificial intelligence-powered tool, MoneyInsight360, which generates a complete, unified view of a person’s credit history.
The London-based startup also has plans to soon launch its BlueAccess Card, its flagship credit card designed specifically for immigrants, individuals with past credit challenges, and students.
By creating its new financial health score, an alternative to the credit scores given by the main credit reference agencies, as well as developing its own fintech products, Zorrz said it is “on a mission to democratise access to credit”.
The partnership will integrate Sileon’s BNPL SaaS solution onto Zorrz’s BlueAccess Card, with the extra functionality to provide consumers with more financial flexibility if they wish to split payments for a purchase when using their BlueAccess Card.
Director of Zorrz, Priyesh Mistry, said: “We’re excited to team up with Sileon and add BNPL functionality to our products. Its 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.”
Sileon CEO, David Larsson, 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 this year, which is when the first customers will begin using Zorrz’s BlueAccess Card.
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