Zed, a credit-led neobank, announced Wednesday it has received its certificate of authority to operate as a standalone credit card issuer from the Bangko Sentral ng Pilipinas (BSP).

The firm said in a statement that after operating in a BSP-sanctioned pilot for the last six months, the Zed Card is officially rolling out to the public on an invite-only basis, starting with its waitlist.

Zed has seen 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, it added.

“Our BSP license makes us the first Philippine neobank to offer credit cards as a standalone issuer,

“This independence and our foundation as a technology company means we can rapidly and continuously improve our product, unconstrained by legacy systems,” said Danielle Cojuangco Abraham.

Danielle Cojuangco Abraham, Zed Co-founder and Chief Executive Officer, said they are overwhelmed by the excitement for Zed and the number of signups they have received.

“Given the significant demand, it will take some time for us to open up spots for all 40,000 individuals on the waitlist,” he said.

He also said they are 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,” he added.

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.

With no interest, no foreign transaction fees, and no annual fees, the firm is challenging the status quo and delivering a smart, frictionless, and transparent experience powered by groundbreaking technology.

“We’ve seen really strong engagement among our early cardholders, with transaction volume growing 100% month over month and 48% of cardholders transacting daily,” said Zed cofounder, 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 added.

It is noted that Zed has 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.

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