Zed bags central bank license to operate in the Philippines

Zed, a credit-led neobank, announced today it has obtained its Certificate of Authority as a standalone credit card issuer from the Bangko Sentral ng Pilipinas (BSP). 

Following a completed BSP-sanctioned pilot over the last 6 months, the Zed Card is now rolling out to the public on an invite-only basis, starting with its waitlist. 

Since launching the waitlist in March, Zed has received nearly 40,000 sign-ups for its no-interest, no-fee Mastercard Titanium Credit Card.

Participants on the waitlist will receive invitations to apply for a Zed card in the coming months. 

Zed’s credit card offers no annual fees, foreign transaction fees, or other charges. It also has up to 31 interest-free days on purchases, eliminating revolving balances and interest charges.

Zed has secured $6m in Seed funding from Valar Ventures, led by Paypal Founder Peter Thiel, alongside backers from Nubank, Mercury, Cred, and Square.