London-based Zilch, an ad-subsidised payments network (ASPN), on Tuesday, announced its first month of operating profit while surpassing a revenue run rate of more than $130M (approximately €117M) in July 2024.
Philip Belamant, CEO and co-founder of Zilch says, “This milestone fundamentally changes the game for us. Profitability is something that a lot of fast-growing businesses are struggling to achieve, and I am hugely proud of the team for reaching this mark, ahead of plan. While many have cut their way to profit, we’ve doubled our revenue year on year, expanded our team, saved our 4 million customers over half a billion dollars in fees and interest costs, and generated over $3 billion in new sales for merchant partners through our ad-subsidised payments network.”
With this, the UK company joins the same bracket as European fintech giants such as Revolut, Starling Bank, and Monzo.
All four companies also reported revenues over $130M within three to five years, with Zilch almost doubling revenues in the year to March 2024.
“In a market saturated with competition, we’ve distinguished Zilch from inception by owning the customer relationship, pioneering regulation, and generating real credit profiles, savings, and value for customers where others haven’t. We’re hugely optimistic about the future, all the while recognising that this is our day 1 and it’s all ahead of us,” adds Belamant.
The announcement comes two months after securing £100M (approximately €118M) securitised debt financing arranged by Deutsche Bank (DB).
The UK company is also planning to go public in the near future.
Additionally, the UK company also announced the appointment to its Board of Mark Wilson, former CEO of Aviva and AIA and current member of BlackRock’s Board of Directors.
Mark Wilson, says, “I am excited to join Zilch at this critical juncture. Under Philip’s visionary leadership, Zilch is transforming consumer finance with an innovative and responsible approach that lowers customer finance costs and fills a fast-growing need in society. I look forward to working alongside the Board to further help Zilch steer its path toward sustainable success as a category leader.”
Chairman of Zilch, Serge Belamant, remarks, “As Zilch’s Chair, I am delighted Mark has made this commitment as the value he will add will complement the expertise we currently have and help guide the company in its mission to provide affordable credit and rewarding debit for all as part of its financial inclusion vision. Mark’s deep expertise running global financial businesses will be a tremendous asset as Zilch continues its rapid trajectory, profitable growth, and market expansion.”
Zilch: World’s first ad-subsidised payments network
Co-founded by Philip Belamant, Sean O’Connor, and Serge Belamant, Zilch claims to be the world’s first direct-to-consumer, ad-subsidised payments network (ASPN).
The company aims to revolutionise the advertising and payments industries worth $50T (€47.09T) by merging debit, credit, and savings.
The UK company provides millions of customers the freedom to go anywhere in the world (online or offline) and, when they pay, earn up to 5 per cent cashback & rewards on debit payments (‘Pay Now’) or spread interest-free credit repayments over six weeks or three months.
In 2023, the company launched its proprietary ASPN service, which allows retailers worldwide instant connection with millions of Zilch’s first-party data, a closed-loop network of high-intent customers, while offering customers personalised savings, deals, and discounts codified to their habitual daily spending.
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