Zilch raises £7.5m in Series A funding to accelerate product rollout
The London-based fintech secured £7.5m to scale its over-the-top buy now, pay later platform.
Zilch operates a payments platform combining debit and credit features with cash flow management tools. The company allows consumers to pay using debit or structured credit installments anywhere Mastercard is accepted.
Zilch has raised £7.5m in a Series A funding round to accelerate the rollout of its product offering. The London-based fintech operates an over-the-top buy now, pay later model that functions wherever Mastercard is accepted without requiring merchant integration.
Since launching its beta product in August 2019, the company has added over 10,000 new customers per month, particularly among millennial and Gen Z demographics. The platform employs open banking and affordability checks to keep default rates low.
The capital injection follows a period of stealth operation and rapid growth for the business. Zilch plans to use the fresh funds to further scale its operations and expand its service offerings.
From the founder
"Our unique over-the-top approach to BNPL has been built out of our strong knowledge for instalment cards in developing economies such as South Africa and South America amongst others. We combine the benefits of instalment and card products to offer the best way for our customers to pay overtime, anywhere. We believe that this generation should be able to responsibly have what they want, when they want without being financially penalised for the privilege."
Philip Belamant
CEO & Co-Founder at Zilch
Investor perspective
"Zilch is a flourishing fintech which aims to help shoppers manage their cashflows in a way that fits their timeline. At Mastercard we continue to be the partner of choice for fintechs across Europe as we strive to help scale innovative payment solutions that improve people’s lives."
Jason Lane
EVP, Market Development Europe, Mastercard
Use of funds
- 01Continue product development
