Zilch, the UK consumer lending fintech, has netted over $175m in an equity and debt funding round as it eyes acquisition targets. The funding round was led by KKCG, the Czech investment group, with participation from BNF Capital, the family office, and other strategic investors.
The round includes an expansion of Zilch’s £100 million credit facility with Deutsche Bank, announced last year. Zilch said the funds will be geared toward marketing activity, as it looks to grow its brand, product development and to explore strategic M&A opportunities.
Zilch, whose other investors include Goldman Sachs and eBay, has over 5m customers. Since launching in 2020, Zilch has established itself as one of the UK’s most valuable fintechs and before this funding round, it was valued at around £1.5bn.
Zilch provides advertising-subsidised BNPL services and competes against the likes of Klarna and Clearpay. Zilch customers use a card to pay via debit or credit, which can be paid off in interest-free instalments. Philip Belamant, CEO & co-founder of Zilch, commented: “This funding reflects strong confidence in our team, strategy and execution, enabling us to continue scaling at pace.
“In a market where many have found raising capital difficult, the network and strategic leadership of my co-founder, Sean O’Connor, have been instrumental in helping us achieve this outcome and we are excited for the year ahead.”
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