Zilch secures £22.3m in a pre Series B round backed by Gauss Ventures and Simon Nixon.
The London based fintech has closed a £22.3m pre Series B round led by Gauss Ventures and Simon Nixon.
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 closed an equity raise of £22.3m to accelerate the expansion of its over the top buy now, pay later platform. The pre Series B financing drew backing from Gauss Ventures and Simon Nixon, following a period of rapid customer acquisition and surging transaction volumes. The firm recently obtained consumer credit authorisation from the Financial Conduct Authority and plans to roll out additional product features.
The London based business operates an over the top model that bypasses the need for direct merchant integration, allowing users to make purchases across online retail networks. By combining Open Banking data with soft credit checks, the company aims to manage consumer affordability and prevent over borrowing.
From the founder
"We are excited and humbled by the response our product has received by both investors and customers alike. Customers recognise our dedication to focus on their needs. This is what sets us apart from other BNPL players in the market today and what continues to drive us in creating a new category – we want and can help people during these difficult times as our systems self adapt to the socio economic conditions of the day and we feel privileged to be in a position to do so. We are just getting started and have some amazing new features coming soon, all of which track our customers’ way of life, financial constraints and aspirations!"
Philip Belamant
CEO & Co-Founder at Zilch
Investor perspective
"Zilch is helping shoppers manage their cash flow in a way that suits them best and we are excited to partner with innovative FinTechs, such as Zilch, across Europe as we scale innovative payment solutions that improve people’s lives."
Jason Lane
EVP, Market Development Europe, Mastercard
