Fintech
Zilch secures £100m funding from Deutsche Bank for fuel expansion
Zilch, the world’s first ad-supported payments network (ASPN), has announced a key £100 million ($126.5 million) securitized debt financing injection.
Arranged by Deutsche Bank, Zilch says this new injection of funding will help it grow its businesses and accelerate its ability to create and launch new products to a broader customer base.
The fintech funding comes after a remarkable four-year growth journey, amassing 4 million customers and now processing more than 10 million monthly payments.
The Zilch platform has, in that time, generated over £2.5 billion (US$3.1 billion) in trade, saving its customers more than £450 million (US$569 million) in fees and interests through its advertising-subsidized model, as it works to eliminate the high costs of consumer credit.
Zilch offers customers integrated debt with reward and zero interest payment in one.
Philip Belamant, CEO and co-founder of Zilch, says: “We are thrilled to announce the financing as it marks a transformative step in Zilch’s journey.
“With this new securitization, we are poised to triple sales volumes and achieve significant capital efficiencies as we continue to bring billions in trade to our retail network and, as a result, hundreds of millions in savings and subsidies to our customer base .
“This partnership not only provides an excellent opportunity for debt investors to join Zilch’s success, but also allows us to accelerate the launch of our roadmap of capabilities that will expand portfolio and market share.
“We are adding more than 100,000 new customers every month, doubling revenue year over year, and this deal will allow us to build on that momentum.”
Zilch: A Journey of Rapid Growth
Zilch has carved out a unique space for itself in the Buy Now, Pay Later (BNPL) space by reaching out double unicorn status in just 14 months since its launch.
Since then, it has gone from strength to strength, collaboration with Experian adopt more responsible BNPL criteria and, more recently, expanding its agreement with AWS to load its AI and ML engine.