London-based Zilch, a Buy Now, Pay Later (BNPL) platform, announced that it has opened trading at the London Stock Exchange on Thursday to celebrate its three-year anniversary.
The company celebrates achievements like customer savings, strong trading performance, and industry awards, highlighting its vision to eliminate consumer credit costs.
Zilch reached a valuation of $2B shortly after its Series A funding. With over 3.5 million registered customers, the company’s ‘Pay Now’ debit and ‘Pay in 4 over 6 weeks’ credit products have facilitated more than £1.5B in spending on their platform.
Customers have now spent over £1.5B through the platform and in return benefitted from over £300M in rewards and savings on interest and late fees.
One of the most valuable of the 20 UK fintech unicorns
Zilch celebrated its three-year anniversary by being invited to open trading at the London Stock Exchange. The privately owned business employs an ad-subsidised payments model to target a massive Total Addressable Market (TAM) of around $50T spent annually on bills, payments, and e-commerce.
Philip Belamant, CEO and co-founder, says, “I’m enormously proud of how far we’ve come in just three years and we appreciate Julia Hoggett, CEO of the London Stock Exchange, inviting us down to open its markets today in celebration of this milestone.”
“In just 36 months, almost 10 per cent of the UK adult working population is now a registered customer. Many customers are using Zilch daily with our average customer using the product 100 times a year.”
“Zilch has already driven over £1.5B in commerce to retailers and put over £300M of savings and rewards back into the pockets of customers. And this is just the beginning,” adds Belamant.
Zilch: Everything you need to know
Founded in 2018 by Philip Belamant, Zilch aims to revolutionise the credit payment industry with innovative products for customers to manage cash flow responsibly.
Zilch is the first over-the-top (OTT) BNPL product that allows its customers to shop wherever Mastercard is accepted and spread their payment over six weeks for zero interest and zero fees.
The company’s proprietary data-driven credit assessment technology focuses on optimising its users’ cash flow, preventing over-indebtedness. Leveraging open banking technology and soft credit checks, Zilch uses its real-time view and understanding of customers’ affordability to give accurate recommendations of what they can afford to borrow.
Zilch is a direct-to-consumer ad-subsidised payments network with a business model based on first-party data. It stands out in the fintech industry by offering a profitable revenue source while benefiting customers and marketers.
By merging aspects of debit, credit, and savings, Zilch is revolutionising the advertising and payments sectors within a massive $50T market.
Zilch provides customers the freedom to shop online and offline, offering cashback on debit payments (‘Pay Now’) and interest-free credit repayment options (‘Pay in 4 over 6 weeks’). This helps build credit profiles. Within 36 months of launching in 2020, Zilch has amassed over 3.5 million registered customers.
Zilch launched its proprietary Ad-Subsidised-Payments Network (ASPN), allowing retailers to connect with Zilch’s first-party data and motivated customer base. This facilitates personalised savings and discounts based on customers’ spending habits.
Recent developments
In January 2023, Zilch made a “groundbreaking” reporting agreement with major UK credit reference agencies. This agreement revolutionised lending by allowing over 50 million adults to improve their credit records using interest-free credit instead of high-cost revolving credit products.
Since April 2020, the company has been regulated by the Financial Conduct Authority (FCA), obtaining a consumer credit licence through the Regulatory Sandbox Programme.
Read the orginal article: https://siliconcanals.com/news/zilch-celebrates-anniversary/
