Secret Leaders with Dan Murray-Serter & Chris Donnelly The CEO on a Mission to end Your Credit Card Debt｜Philip Belamant, Zilch
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Apr 1, 2025 Philip Belamant, the founder and CEO of Zilch, is on a mission to disrupt the credit card industry. He reveals the shocking reality that the average UK citizen takes 16 years to pay off credit card debt. Zilch's innovative model offers interest-free payments and funds debt relief through a unique advertising approach. Belamant discusses the potential of replacing traditional credit systems and the role of fintech in reshaping financial practices in the UK. His entrepreneurial journey and early tech inspirations add depth to the conversation.
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Early Tech Journey
- Philip Belamant's interest in technology started with a Sony VAIO laptop and evolved into a passion for mobile devices.
- Early coding experiences involved DOS prompts, mobile games like Snake, and developing a Sudoku-solving app for the iPhone.
Accidental Mobile Payments
- Philip Belamant and his father coded games using Turbo Pascal, aiming to monetize them through in-game purchases using mobile minutes.
- Unexpectedly, users utilized the platform to transfer minutes as a form of mobile payment, leading to the creation of a mobile payments product deployed across Africa.
UK Credit Trap
- Consumer credit in the UK often traps people in a cycle of debt, with average credit card APRs exceeding 35% and repayment taking 16 years on average.
- This system encourages revolving debt as credit card companies profit from high interest rates on outstanding balances.