- In 2027, Zilch will relocate to a new head office at 40 Grosvenor Place, with a floor area of 33,160 square feet.
- The company’s £77 million commitment over ten years will accommodate more than 400 employees.
- The move comes at a time when Zilch is reportedly preparing for a London IPO as early as 2027.
Zilch, a London-based unicorn that provides buy now, pay later and payment services, announced that it will be moving in spring 2027 from 111 Buckingham Palace Road to the top two floors of 40 Grosvenor Place.
The expansion follows a £77 million investment over the next 10 years.
The new space, which measures 33,160 square feet, will accommodate more than 400 employees. Zilch states that the move will more than double its London office capacity.
A £77 million, 10-year commitment to Victoria
Zilch said the £77 million will cover the next 10 years as it grows and intends to create additional jobs in the UK. The company did not say whether this sum covers only the rent or also covers fit-out and running costs.
If spread over the year, the amount is £7.7 million. According to our calculations, this represents about 7% of the £110.3 million in revenue that Zilch reported for the year ending March 2025. It is a substantial fixed cost for a company which still recorded a loss of £10.5 million that year, even though the loss had decreased by 79%.
Credit-loss provisions rose 116% to £27.4 million, outpacing revenue. Zilch reported its first month of operating profit in July 2024, but it has not yet posted a fully profitable year.
Zilch says its growth requires more space; the company claims the move will give it room to grow its team, attract top talent, and build the infrastructure needed to back its growth aims in the UK and Europe.
Philip Belamant, co-founder and CEO, added: “It has been a transformational year for the business with a number of significant milestones, and our customers moving beyond £8 billion of spend across every region in the UK. As we continue to expand rapidly, our new headquarters reflect the scale of our ambition and the momentum behind our growth.”
A family-led payments company
Zilch was established in 2018 by Philip Belamant, Serge Belamant, and Sean O’Connor. Philip is CEO, Serge is chairman and co-founder, and O’Connor is an executive director on the board.
Zilch originally operated on a buy now, pay later basis and has since developed into a payments network supported by advertising, with retailers’ marketing budgets paying for shoppers’ cashback. The company currently has more than 5.5 million registered customers.
In November 2021, Zilch raised $110 million at a valuation of over $2 billion, a figure it has since maintained. In June 2024, it obtained $125 million in debt from Deutsche Bank before raising more than $175 million in debt and equity in November 2025, with the Czech investment group KKCG and an expanded securitisation facility led by Deutsche Bank as leaders of that round. T
The new head office does not affect the company’s $2 billion valuation, which is a clear indication of growth as investors and bankers evaluate its value.
IPO prospects and European expansion
According to the Financial Times, Zilch has asked banks to submit bids for a listing on the London Stock Exchange as early as 2027, while City AM believes the most likely timeframe is the second half of 2027 or early 2028.
There is strong competition for listings: Wise transferred its primary listing from London to Nasdaq in May, Klarna listed in New York, Monzo has shut down its operations in the US and is said to be discussing a sale to Nubank, and Revolut has given a $115 billion valuation but states that its IPO is at least two years away.
Europe is also a factor since, in January, Zilch had agreed to purchase Lithuania’s AB Fjord Bank, an action that would grant it a European banking licence and a headquarters in Vilnius. The transaction was expected to be completed in the second half of 2026.
The next significant indicator will be Zilch’s financial performance. Upcoming results will indicate whether Zilch’s £77 million investment in London is supported by a profitable business, something the company aims to achieve before going public.
