Zilch, the London-based double unicorn, has opened markets for trading at the London Stock Exchange today to celebrate its third birthday. This announcement coincides with a series of achievements, including remarkable customer savings and growth, robust trading performance, and a string of industry awards. These achievements underscore the first phase of its vision to eliminate the cost of consumer credit.
In addition to this, Zilch has revealed that it has passed the threshold of 3.5 million registered customers, which is equivalent to over 3,000 people signing up to benefit from its service every day, for three years since its launch in 2020.
By using its reward-earning ‘Pay Now’ debit product and zero-interest ‘Pay in 4 over 6 weeks’ credit product, Zilch’s customers have spent over £1.5 billion through the platform. In return, they have benefitted from over £300 million in rewards and savings on interest and late fees.
Philip Belamant, CEO and co-founder, commented: “I’m enormously proud of how far we’ve come in just three years and we appreciate Julia Hoggett, CEO of the London Stock Exchange, inviting us down to open its markets today in celebration of this milestone. In just 36 months, almost 10% of the UK adult working population is now a registered customer. Many customers are using Zilch daily with our average customer using the product 100 times a year. Zilch has already driven over £1.5 billion in commerce to retailers and put over £300m of savings and rewards back into the pockets of customers. And this is just the beginning.
Sean O’Connor, co-founder, added: “We are pleased that the strength with which our counter-cyclical business model has performed during this challenging macro market environment, together with the scale of its societal impact and growth potential, is increasingly being noted in institutional capital markets. As such, we are delighted to be invited by the CEO of the London Stock Exchange to open what is one of the world’s major stock markets.”
Reshapes the BNPL industry
While buy now, pay later (BNPL) solutions like Klarna and Clearpay are leading the way in the UK, Zilch was founded by Philip Belamant in London. Its service allows users to pay for a purchase in the course of six weeks without any fees or interest.
With the launch of its proprietary Ad-Subsidised-Payments Network (ASPN), Zilch allows retailers worldwide instant connection with millions of Zilch’s first-party data, a closed-loop network of high-intent customers. Offering customers personalised savings, deals and discounts codified to their habitual spend.
Earlier this year, Zilch struck an agreement with the UK’s prime credit reference agencies, transforming the UK lending ecosystem by enabling over 50 million adults to build their credit records using interest-free credit rather than high-cost revolving credit products.