Zed, a credit-led neobank, said Wednesday it received a certificate of authority to operate as a standalone credit card issuer from the Bangko Sentral ng Pilipinas (BSP).
“Our BSP license makes us the first Philippine neobank to offer credit cards as a standalone issuer,” said co-founder and chief executive Danielle Cojuangco Abraham.
“This independence and our foundation as a technology company means we can rapidly and continuously improve our product, unconstrained by legacy systems,” she said.
After operating in a BSP-sanctioned pilot for the last 6 months, the Zed Card is rolling out to the public on an invite-only basis, starting with its waitlist.
Zed said it saw overwhelming demand for its no interest, no fees Mastercard Titanium Credit Card, garnering close to 40,000 sign-ups since launching its waitlist in March this year.
Those who have signed up for the waitlist will receive invitations to apply for a Zed card over the coming months, it said.
“We’re overwhelmed by the excitement for Zed and the number of signups we’ve received. Given the significant demand, it will take some time for us to open up spots for all 40,000 individuals on the waitlist. Rest assured, we’re already sending out invitations and will get to everyone that’s signed up. Our priority is onboarding new users at a pace where we can ensure a stellar experience for every Zed customer, so hang tight,” said Cojuangco Abraham.
Founded by Silicon Valley engineers Danielle Cojuangco Abraham and Steve Abraham, Zed is reimagining the credit card from the ground up, leveraging technology to empower the next generation of Filipino professionals with the most powerful credit card.
“We’ve seen really strong engagement among our early cardholders, with transaction volume growing 100 percent month over month and 48 percent of cardholders transacting daily,” said Zed co-founder Steve Abraham.
“We’re obsessed with delivering an exceptional customer experience, and our early usage reaffirms our view that the next generation is hungry for a completely different credit card experience that cuts out expensive fees, supports responsible spending and provides seamless control over your account,” he said.
Zed raised $6 million in seed funding from Paypal founder and early Facebook investor Peter Thiel’s Valar Ventures and founders and operators from Nubank, Mercury, Cred and Square.
