Zed launches game-changing no-fee credit card, secures $6m funding.

TLDR:

• Philippine neobank Zed introduces a “no-fee” credit card, marking a significant shift in financial services in the region.
• Zed secures $6m in funding, led by Valar Ventures, to support its innovative approach to banking.

In a groundbreaking move to democratize financial services in the Philippines, Zed, a neobank, has introduced the country’s first “no-fee” credit card. This innovative offering eliminates various charges and has already garnered over twenty thousand sign-ups within two weeks of its launch. The founders, Danielle Cojuangco Abraham and Steve Abraham, who have backgrounds as Y Combinator alumni and Stanford engineers, have secured $6m in funding, led by Peter Thiel’s Valar Ventures.

Zed’s mission goes beyond the credit card itself and aims to fundamentally change the credit card experience in Southeast Asia. With operations in San Francisco and Manila, Zed is working within the regulatory landscape, including approval from the Bangko Sentral ng Pilipinas (BSP) and a partnership with Mastercard. The launch of Zed holds personal significance for Danielle Cojuangco Abraham, who expressed her excitement to build a game-changing product for Filipinos after spending 15 years in Silicon Valley.