With a current valuation of over $2 billion, London’s Zilch has announced that they’ve secured an additional $50 million in a Series C extension round. The funds are aimed squarely at supporting US market expansion efforts. To date, Zilch has raised more than $460 million in a mixture of debt and equity.
While Zilch has enjoyed quite the European success story, amassing some 2 million new customers in roughly 18 months, and achieving fintech sector unicorn status in record time, it would appear that the skillet on the other side of the Atlantic is even hotter. And Zilch is ready to make some more pancakes, this time even faster.
Having recently opened an office in Miami (bro) and launching in the US market with more than 150,000 pre-registered customers, the company reports that early numbers indicate growth rates of over 4x what they pulled off in the UK. Order up!
“In a world of rising interest rates and inflation, it has never been more important for customers to have access to a payment product that they can depend on for savings, deals, and cash flow management with no interest or late fees of any kind,” explained CEO and co-founder Philip Belamant. “Open Banking data shows how customers of all ages are migrating away from traditional high-cost credit cards or overdrafts in favor of services like Zilch - saving them millions.”
While no lead or participants were specifically named, Zilch’s investors include Ventura Capital, Goldman Sachs Asset Management, Gauss Ventures, DMG Ventures, M&F Fund, and Limited Ventures.
“We believe our focus on alignment with the consumer, delivered by our innovative business model, has the potential to create significant long-term value for shareholders. Our extensive investment in communicating this message and developing our international network of renowned private, family office and institutional investors has enabled us to secure this extension at the same terms as our Series C, which is a testament to their belief in our significant market opportunity, and our ability to execute against it,” concluded co-founder Sean OʼConnor.