Riding off an e-money licence issued by the Lithuanian central bank, Zen targets consumers who spend a lot online, and businesses which want to grow their e-commerce revenues.
Zen’s offering is split into consumer-facing and business-facing. Both sets of users get access to a generous 14% cashback rewards scheme. Retail partners include Booking.com, AliExpress, Lidl, Zalando – the German ASOS – and Groupon.
Consumers and business customers of Zen can also store money in up to 30 different currencies.
Retail customers can treat Zen like a regular account, because it has its own IBAN… For businesses, the attraction comes from the ability to skip individual transaction fees, instead paying one monthly subscription fee… Zen will also take care of chargeback fees, taking this stress off of businesses’ already tight margins.
The fintech has partnered with Mastercard for both offerings.