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London-based fintech double unicorn Zilch gallops further $50M for its BNPL platform

Image credits: Zilch

Zilch, the London-based double unicorn, announced that it has secured an additional $50M in funding, taking the total raise for its Series C to $160M. The latest funding brings Zilch’s total funding to more than $460M in debt and equity. 

The BNPL company plans to use the funds to accelerate business growth, in the US market, where it recently opened its Miami office and launched with more than 150,000 pre-registered customers. 

The funding announcement comes after the recent government news that BNPL firms are to face regulation in the UK as HM Treasury sets out a framework for the Financial Conduct Authority (FCA) to review the sector. 

In fact, the London-based company worked with the FCA as part of the Sandbox Programme from inception and was one of the UK’s first BNPL providers to be granted an FCA licence to perform regulated Consumer Credit activities.

Buy Now, Pay Later

Founded by Philip Belamant, Zilch is a buy now, pay later app that allows its customers to shop wherever Mastercard is accepted.

Zilch’s users can keep track of all their purchases in one place – whether made online or in-store – ensuring they have a transparent view of their finances and their repayment timelines The platform also ensures responsible lending by combining Open Banking technology with soft credit checks to build a personalised affordability profile for each customer. 

In the last six months, Zilch has leveraged its direct-to-consumer approach to double underlying sales and revenue.

Customers can pay on debit (with up to 2% instant cashback and rewards) or credit (pay-in-4) for no interest or late fees, anywhere. 

Zilch says customers have already benefited from over $55M in savings and rewards instead of high-cost credit or debit cards that offer zero rewards. Currently, the fintech firm has over 250 employees based across its offices in London, Miami, and Krakow.

Zilch today has an impressive list of global investors, which includes Ventura Capital, Goldman Sachs Asset Management, Gauss Ventures, DMG Ventures, M&F Fund, and Limited Ventures. Zilch works with some of the most advanced fintech enablers, including Amazon Web Services, Cross River,, Cashflows, Experian, GPS, Monavate, Marqeta, Mastercard, Onfido, Provenir, and Socure.

Philip Belamant, CEO & Co-Founder, says, “In a world of rising interest rates and inflation, it has never been more important for customers to have access to a payment product that they can depend on for savings, deals, and cash flow management with no interest or late fees of any kind. Open Banking data shows how customers of all ages are migrating away from traditional high-cost credit cards or overdrafts in favour of services like Zilch – saving them millions. This extension is a great endorsement of our unique model as well as our investors’ belief in our ability to deliver on our mission to create the world’s most empowering way for people to pay for anything, anywhere.” 

Sean O’Connor, the Co-Founder, says, “Since we founded Zilch and began raising capital, the markets have been difficult to predict given COVID and now the downturn the markets are currently seeing. We believe our focus on alignment with the consumer, delivered by our innovative business model, has the potential to create significant long-term value for shareholders. Our extensive investment in communicating this message and developing our international network of renowned private, family office, and institutional investors has enabled us to secure this extension at the same terms as our Series C, which is a testament to their belief in our significant market opportunity, and our ability to execute against it.”

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