Accel has led a Series A investment in Zed, a neobank providing AI-driven banking solutions for young adults in the Philippines.

Information on the Target

Zed is a pioneering neobank founded by Steve Abraham and Danielle Cojuangco Abraham, who previously developed the mobile B2B payments network, Symple. Designed to address the needs of young adults entering the banking system, Zed offers an AI-driven banking platform tailored for a new generation. Currently operational in the Philippines, it provides credit card solutions that focus on travel, online shopping, and peer-to-peer payments. Unlike traditional banking institutions that rely on conventional credit scores, Zed employs AI models to assess risk based on data signals, enabling broader accessibility for customers lacking financial history.

The bank aims to serve the rapidly-growing middle class in the Philippines and beyond, targeting young professionals who have historically been overlooked by conventional banking systems. Zed's innovative approach has already seen its customer base increase tenfold and transactions from its users expand significantly during its invite-only launch phase. The neobank plans to further penetrate the Asia-Pacific market, which consists of approximately 200 million college-educated adults underserved by existing banks.

Industry Overview in the Philippines

The banking sector in the Philippines is marked by a growing middle class, creating significant opportunities for financial institutions that cater to younger demographics. Traditional banks have been slow to adapt to the preferences of younger consumers, many of whom prefer digita