Zebit has launched the first fully automated payment system providing zero-interest credit to the 68 million Americans underserved by traditional financial services but willing to pay up to MSRP prices for electronic products.
The company also announced $10 million in Series A venture capital funding. The capital raise provides Zebit working capital for receivables, operations, and the expansion of its payment and ecommerce platforms.
The financing round was led by Crosslink Capital and includes Wildcat Venture Partners, Leapfrog Ventures and Correlation Ventures.
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.
The credit can be used to make purchases from the Zebit Market or directly from retailers that accept Zebit as a checkout option. Within the Zebit Market, customers can finance thousands of quality, brand-name products over time, without paying interest. Currently, the Zebit Market contains products by Panasonic, Samsung, Canon, Garmin, HP, LG Electronics, KitchenAid, Cuisinart, Hoover, Coleman, and others, which are all sold at competitive retail prices, never above MSRP.
Concurrent with their investment, Jim Feuille, general partner, Crosslink Capital; Bryan Stolle, general partner, Wildcat Venture Partners and Mohr Davidow Ventures; and Pete Sinclair, general partner, Leapfrog Ventures all join Zebit’s Board of Directors.
For data, background and forecasts on Zebit: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).