Zilch’s latest funding effort, which is an extension of the aforementioned Series B, was led by Goldman Sachs’ asset management and private credit team and DMG Ventures, the investment arm of Daily Mail owner Daily Mail & General Trust (DMGT). The fintech will use the fresh cash to help it expand further into the US, a goal it first outlined back in April 2021 when it raised the first tranche of its Series B.
Zilch will also work on growing its customer base, which currently stands at over 700,000, and continue building its brand profile. In November 2020, Zilch became the first UK BNPL firm to gain consumer credit authorisation from the Financial Conduct Authority (FCA), after it took part in the FCA’s regulatory sandbox programme.
Zilch allows customers to pay in interest-free instalments at any online retailer where Mastercard is accepted, not just the ones supported by its platform. Using Open Banking, the fintech ensures that customers can afford to repay their deferred purchases by using real-time insights into a consumer’s financial wellbeing and current expenditure.
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