Zilch, the London-based startup redefining the Buy Now, Pay Later (BNPL) industry, today announces it has raised around €66.7 million in their series B funding round, backed by numerous investors including Gauss Ventures and M&F Fund. Over the last 2 years, the company has raised more than €100 million and is now valued at over €417 million.
Founded in 2018, the fintech startup is committed to responsible spending and states it is the first and only fully Financial Conduct Authority (FCA) regulated BNPL in the UK at this time. The startup is scaling at pace, its mobile app recently hit number 2 on the App Store charts just behind PayPal and its growing customer base is fast approaching half a million customers. Zilch is one of the fastest growing BNPL providers in the UK with thousands of signups a day.
The funding will be used to launch in the US and continue the company’s growth in the UK by investing further in product innovation and development. Over 2020, Zilch has rapidly expanded its internal talent and more than quadrupled its headcount to 80, with 100 new hires planned as it grows its UK headquarters and looks to enter the US market. Strategic hire includes Werner Kruger, ex VP of Data Science at Klarna and Monese’s ex-Chief Analytics Officer, as Chief Data Officer and more recently, Amabel Polglase, ex-Head of Global Clients at Facebook, as Chief Marketing Officer.
Zilch states it is, at this time, the first truly 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. This lightweight, direct-to-consumer model allows Zilch to build direct relationships with its customers. As consequence, Zilch is now the highest-rated product of its kind on Trustpilot.
Philip Belamant, Founder and CEO at Zilch, commented, “This funding is a demonstration of the confidence and strength of Zilch’s mission and products. By putting the customer first and building direct relationships with each of them, we are doing something no one else in the industry has done before. Zilch is far more than a BNPL company. We will very soon be launching in a number of new countries and continue the testing and rapid rollout of alternate ways for our customers to spend with Zilch.
Our inspiration is fuelled by Gen Z and millennials, who make up a large part of our customer base. Their demand for convenient and transparent products drives us to keep innovating and improving our offering. We have built a digital platform that links our customer with every retailer in the world allowing us to learn what our customers want, build those features and ship them for a dime to every customer of ours in an instant – exciting times ahead!”