UK Unicorn Zilch extends Series C by $50m bringing total to $160m

~ Comes after recently raising $110m, becoming Europeʼs fastest ever Fintech Unicorn valued at $2bn ~

~ Zilch is the best of debit & credit and is today witnessing daily customer utilization ~

Zilch, the London-based double unicorn, today announced it has secured an additional $50m in funding, taking the total raise for its Series C to $160m. The extension brings Zilchʼs total funding to more than $460m in debt and equity and sees the fintech company maintain its valuation.

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Co-Founders of Zilch, Philip Belamant (CEO, left) and Sean O'Connor (right) (Photo: Business Wire)

The additional capital will be used to further fund business growth, with a focus on the US market where Zilch recently opened its Miami office and launched with more than 150,000 pre-registered customers. Early numbers are showing significant momentum with growth rates of over 4x what was achieved in the UK where Zilch reached 2 million new customers in just 18 months - over 2x faster than other leading fintechs managed to reach the same milestone.

In the last six months Zilch has leveraged its innovative, 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. Customers have already benefited from over $55m in savings and rewards by using Zilch instead of high-cost credit or debit cards that offer zero rewards. This differentiated model has seen Zilch achieve higher utilization than any other peer in the space, with mature customer cohorts now using Zilch daily, resulting in net transaction margin profitability.

Philip Belamant, CEO & Co-Founder, said, "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 favor 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 worldʼs most empowering way for people to pay for anything, anywhere."

Sean OʼConnor, Co-Founder, said, "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."

The funding announcement follows the recent government news that BNPL firms are set to face regulation in the UK as HM Treasury sets out a framework for the Financial Conduct Authority (FCA) to review the sector. Zilch worked with the FCA as part of the Sandbox Programme from inception and was one of the UKʼs first BNPL providers to be granted an FCA license to perform regulated Consumer Credit activities. It is already fully compliant with the framework set out by HMT.

Earlier this year, Zilch partnered with world leading credit reporting agency, Experian, to pioneer reciprocal reporting of payment plans to the credit reporting agencyʼs (CRAʼs) data set. This ensures consumersʼ financial health by providing greater transparency and accuracy, while rewarding customers for their responsible behavior. Alongside this, Zilch already utilizes a blend of Open Banking technology combined with so credit checks and its own proprietary behavioral data each time a customer spends. This allows Zilch to develop a real-time view of a customerʼs financial health, creating a 360 degree picture of a customerʼs affordability profile, and provide accurate, individualized spending recommendations.

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.

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Zilch was born to create the worldʼs most empowering way to pay and is on a mission to revolutionize the credit payment industry with innovative products for customers to manage cash flow, responsibly. As one of the UKʼs first pay-over-time providers to be granted a consumer credit license by the FCA, Zilchʼs transparent and customer centric credit alternative is designed with regulators to ensure consumer protection and financial health from the start. Utilizing sophisticated Open Banking technology and so credit checks, Zilch uses its real-time view and understanding of customerʼs affordability to give accurate recommendations of what they can afford to borrow.

The company is growing at lightning speed, in November 2021 Zilch became Europeʼs fastest ever double unicorn fintech and with more than 250,000 new customers registering per month, Zilch is one of the fastest growing fintechs in the world. Zilchʼs direct-to-consumer proposition offers its customers unrestricted access to all 37m merchants that accept Mastercard, online or instore via Tap and Pay.

Zilch has over 250 employees based across its offices in London, Miami and Krakow.

Just Zilch it!

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