Tuesday, October 27, 2015
Zebit Gets $10M For Financial Services Startup
La Jollla-based Zebit, a new financial startup which is offering up what it says is "no-cost" financing to the underbanked, has raised $10M in a Series A funding, and launched its services. According to ZeBit, the funding came from Crosslink Capital, and also included Wildcat Venture Partners, Leapfrog Ventures and Correlation Ventures. Zebit says it develops a payment system technology which allows Americans underserved by traditional financial services, and who are often living paycheck-to-paycheck, to purchase items and pay for them over time. The company claims that it never charges more than MSRP for items, even if they are paid for over time. The company does not offer its program directly to consumers, instead, it says it lets employers with 1,000 to 100,000 employees access the products and financing from the company.