Zed, a Philippine credit card startup, has raised $16.5 million in Series A funding led by Silicon Valley venture capital ((VC) firm Accel. The investment brings Zed’s total funding to $22.5 million, including support from existing backers Valar Ventures and individual investors such as Immad Akhund and Dalton Caldwell.
“We’re reimagining financial tools to match the speed and ambition of this generation,” said Danielle Cojuangco Abraham, co-founder of Zed.
Zed aims to address a gap in the banking system affecting young Filipino professionals. Despite stable incomes and professional careers, many are turned away by traditional banks because of outdated credit scoring factors, such as the age of existing credit accounts. Zed uses artificial intelligence (AI) to assess customers based on current income, transaction history, and other data points beyond traditional credit scores.
“In leading Zed’s Series A, we’re backing a team with the skill and ambition to build AI-powered finance that’s transparent, personal, and accessible for customers overlooked by today’s banks worldwide,” said Nafis Jamal, partner at Accel.
The startup offers a credit card designed for how young adults spend today, aiming to simplify banking with more personalized and accessible services.
“Young adults navigating the banking system for the first time often find its doors mostly shut,” said Jamal. “Opaque fees, clunky apps, and impersonal interactions make it clear these institutions were built for a different era.”
Since its invite-only launch, Zed has attracted nearly 200,000 sign-ups through word of mouth alone. The company reported a tenfold increase in its customer base and a roughly 500% growth in transaction volume this year, even as the majority of the waitlist has yet to receive invitations.
The new funding will be used to expand access for those on the waitlist and to grow Zed’s team. The startup is hiring for Operations, Risk, Growth, and Support positions in Manila, as well as Product, Design, Data Science, and Engineering roles in San Francisco.
With Accel’s investment, Zed joins a growing number of Philippine startups gaining attention from global venture capital, highlighting the potential of AI-driven financial services for underserved populations.