Zed, a credit card startup focused on next-generation Filipino professionals, said Friday it raised $16.5 million in Series A funding led by Accel, the Silicon Valley venture capital firm known for backing companies like Facebook and Spotify.
The investment brings Zed’s total funding to $22.5 million and marks a significant entry for a major US investor into the Philippine startup ecosystem.
Accel joins existing investors Valar Ventures and notable angels including Immad Akhund and Dalton Caldwell.
The company uses artificial intelligence (AI) to underwrite customers based on current income and transaction data, moving beyond traditional credit scores that often exclude young Filipino professionals.
“In leading Zed’s Series A, we’re backing a team with the skill and ambition to build AI-powered finance that’s transparent, personal and accessible for customers overlooked by today’s banks worldwide,” said Accel partner Nafis Jamal.
Zed offers a premium credit card designed for modern spending habits, featuring zero foreign transaction fees, making it cost-effective for global travel; smart security through unlimited virtual cards with custom spend limits and auto-closure settings; and peer-to-peer (P2P) functionality that allows users to split bills and send money on credit, settled later with their monthly statement.
Since its invite-only launch, Zed’s waitlist has grown to nearly 200,000 sign-ups through word of mouth. The company has seen its customer base grow ten times and transaction volume surge about 500 percent since the beginning of the year, while the majority of the waitlist has yet to be invited.
Zed co-founder Danielle Cojuangco Abraham said the company is “reimagining financial tools to match the speed and ambition of this generation.”
Zed co-founder Steve Abraham noted that banks in Southeast Asia are running on “infrastructure designed for two decades ago,” adding that the new funding “accelerates our plan to rebuild that stack.”
The capital will be used to accelerate the rollout to the waitlist and scale its team.
Zed said it is actively hiring for operations, risk, growth and support roles in Manila, and product, design, data science and engineering roles in San Francisco.
