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London based short-term lender to the financially underserved has raised $10m of Series A financing, led by Crosslink Capital. Zebit's goal is to disrupt the $25bn high cost, off-line installment financing industry by providing working Americans credit at zero percent interest, without fees, penalties, or credit checks. Zebit has commitments from employers representing 250,000 employees to offer the benefit in 2016 and is currently live with a $100 million electronics retailer
76 percent of Americans are living paycheck-to-paycheck.[ii] Further, 47 percent can't afford a $400 unexpected purchase, according to the Federal Reserve.[iii] Zebit was created to provide a superior credit alternative to high-cost and often confusing options, such as payday loans or rent-to-own purchases, frequently used by this underserved population. Zebit's payment system provides working Americans credit at zero percent interest, without fees, penalties, or credit checks.
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