Earlier this year, in April, London-based fintech Zilch raised $80M (approx €67.9M) in its series B funding round, backed by numerous investors including Gauss Ventures and M&F Fund. Post this round, the company was valued at over $500M (€424.7M)
Raises additional €93.4M
Last week, on Friday, the company announced that it has raised a further $110M (nearly €93.4M) of debt and equity funding to support the increased demand for its ‘buy now, pay later’ (BNPL) product.
According to the company, this latest funding comes from Goldman Sachs Asset Management, DMG Ventures (the venture capital arm of the Daily Mail and General Trust plc) and others. With this capital, the company plans to “further accelerate its growth with nationwide media campaigns in the UK and the launch of its services in the US.”
Philip Belamant, founder and CEO, Zilch, says, “As our customer numbers continue to grow, we’ve taken the decision to raise additional capital to service this phenomenal demand. As Zilch continues to scale at pace, we’re delighted that well-respected institutions such as Goldman Sachs and DMG Ventures share our vision of what credit should be in today’s world and how that can be delivered directly to customers in the most responsible way. By putting our customers first and building direct relationships with each of them, we are doing something no one else in the industry has done before.”
Fintech darling of the UK
Founded in London in mid-2018 by founder Philip Belamant and co-founder Serge Belamant, Zilch claims to be the fintech darling of the UK. As per the company, Zilch is the first over-the-top (OTT) BNPL product that allows its customers to shop wherever Mastercard is accepted and spread their payment over 6 weeks for zero interest and zero fees from one of Zilch’s 5,000+ retail affiliate partners.
Its proprietary data-driven credit assessment technology focuses on optimising its users’ cash flow whilst preventing over-indebtedness.
Unlike traditional BNPL products that require technical integration with merchants, the company claims its (patent pending) model does not require any integration and can thus instantly provide its users’ accessibility everywhere. This gives Zilch the ability to scale rapidly. According to the company, it is one of the reasons why customers are calling it, “a shopping revolution” and more recently, “the new AmEx”. According to Zilch, it is one of the UK’s first ‘buy now, pay later’ app’s regulated by the Financial Conduct Authority.
Last year, in December, the company raised an additional $30M (approx €24.5M) in equity funding.