Zilch sees revenues uplift but losses increase

Zilch, the UK fintech reportedly gearing up for an IPO, has reported a 36 per cent increase in full-year revenues to £147.5m, but losses swelled almost three-fold to £35.9m, its latest financial figures show.

Zilch CEO Philip Belamant heralded the year a “foundational" one for the fintech, which provides various lending products and said this year it had hit $300m (£224m) in annual run rate.

The fintech, which offers loans, a BNPL product, and a debit card, saw revenues come in at £147.5m for the year ending March 2026, helped by customers spending more through their Zilch accounts.

Gross merchandise value (GMV), the value of goods sold through its platform, rose 28 per cent to £2.4bn.

But losses swelled from £12.5m to £35.8m in the period, as it was hit by customer acquisition costs, brand building costs as well as an increased credit loss provision as it took on longer term loans.

Active user numbers increased 21 per cent to 970,000 while average annual spend per active customer rose six per cent to £2,500, Zilch said.

Zilch, which is backed by Goldman Sachs and eBay, was valued at $2bn in a 2021 funding round.

It makes money by fees and its services being advertiser-subsidised. Zilch is reportedly lining up investment banks for an IPO as early as next year.

Belamant, CEO and co-founder, Zilch, said: “FY26 was a foundational year for Zilch. We delivered strong financial growth while making deliberate investments in our products, technology and infrastructure to strengthen the business and position ourselves for the next phase of expansion.

“We’re confident in the strength and profitability of our business model, and we’re now seeing the results of those investments. Reaching a $300m annual run rate and delivering two consecutive quarters of adjusted profit before tax demonstrates how the foundations we built during FY26 are translating into accelerated growth and stronger financial performance.”