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Zebit Launches to Provide Zero-Interest Credit to the Underserved; Secures $10 million in Venture Capital

Zebit, Inc. today launched the first fully automated payment system that provides zero-interest credit to the 68 million Americans underserved by traditional financial services. 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.

76 percent of Americans are living paycheck-to-paycheck. Further, 47 percent can’t afford a $400 unexpected purchase, according to the Federal Reserve. 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 cr ...

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