UK-based Zilch extends Series C by USD 50 mln, totalling USD 160 mln

The extension brings Zilch’s total funding to more than USD 460 million in debt and equity and sees the fintech company maintain its valuation.  

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.  

In the last six months of 2022, Zilch has leveraged its 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 USD 55 million in savings and rewards by using Zilch.

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. 

Earlier in 2022 in the UK, Zilch partnered with credit reporting agency Experian to pioneer reciprocal reporting of payment plans to the credit reporting agency’s (CRA’s) data set. This ensures consumers’ financial health by providing greater transparency and accuracy while rewarding customers for their responsible behaviour. Alongside this, Zilch already utilises a blend of Open Banking technology combined with soft credit checks and its own proprietary behavioural data each time a customer spends. This allows Zilch to develop a real-time view of a customer’s financial health, creating a 360-degree picture of a customer’s affordability profile, and provide accurate, individualised spending recommendations.