The digital payment company Zoom has disrupted the traditional phone business, dismantling Skype’s network effect and scaling orders of magnitude beyond it. Zoom is the brainchild of South African serial entrepreneur Philip Belamant. He is one of the most successful fintech disruptors in Africa, increasing the reach of digital payment services for many African countries. This article explores how he is doing this.
The founder of Zilch, a company offering free credit services, is a serial entrepreneur. He founded two other fintech ventures, the first of which was a mobile-payment service that grew to serve over 20 million users in 15 countries. He also helped launch the first cash-to-Mastercard system in South Africa, and has won multiple awards, including being named a Great British Entrepreneur of the Year for 2021.
Belamant explains the process for his company using Open Banking data and soft credit checks. These are the same technologies used by banks in Europe and the UK to help protect against fraud and money laundering. They use APIs to make it easier to share customer financial information and perform other functions on the company’s website. The company can use this data to identify customers and make sure they are legitimate.
Using the latest technologies, Philip Belamant has brought financial tools to remote areas. He has partnered with virtual cards and mobile phones to bring these services to the masses. His company, Zilch, is a rapidly-growing BNPL, and his business model incorporates elements of successful African digital payments businesses. This is why he has been so successful at using FinTech to bring services to all communities.
Before founding Zilch, Philip Belamant studied information technology at the University of Johannesburg, South Africa. His senior thesis project focused on artificial intelligence and mobile technology. He won Microsoft’s Project Firefly global competition and was then eligible to commercialize the concept. Today, his company is valued at $2.2 billion. If you’re interested in joining his fintech journey, be sure to check out his website! You won’t regret it!
The company recently acquired commercial lender NepFin, which allows users to pay at any merchant who accepts Mastercard. The company plans to launch in the U.S. this year. It hopes to expand its service across the U.S. market and Europe. This means that it will be the only company in the world to do so. In the meantime, the company will continue to develop its algorithms for individual consumers.