A London-based 鈥榖uy now pay later鈥� firm has raised 拢57 million as it plans expansion into the US.听
Zilch, a rival to Klarna,听recently hit No.2 on the App Store charts behind PayPal听and has almost half a million customers, with thousands signing up every day.听听
Over the last two years, the company has raised close to 拢90m.听The Series B funding, backed by investors including听Gauss Ventures and M&F Fund, values the firm at听more than 拢350m.听
Over 2020 Zilch has rapidly expanded its internal talent and more than quadrupled its headcount to 80, with 100 new hires planned as it grows its UK headquarters and looks to enter the US market.听
Strategic hire includes Werner Kruger, ex VP of Data Science at Klarna and听惭辞苍别蝉别鈥檚听ex-Chief Analytics Officer, as Chief Data Officer and more recently, Amabel Polglase, ex-Head of Global Clients at Facebook, as Chief Marketing Officer.听
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鈥淭his funding is a demonstration of the confidence and strength of Zilch鈥檚 mission and products,鈥� said CEO and founder听Philip听Belamant.听
鈥淏y putting the customer first and building direct relationships with each of them, we are doing something no one else in the industry has done before.听听
鈥淶ilch is far more than a BNPL company. We will very soon be launching in听a number of听new countries and continue the testing and rapid rollout of alternate ways for our customers to spend with Zilch.鈥�听
Zilch听allows its customers to shop wherever Mastercard is accepted and spread their payment over听six听weeks for zero interest and zero fees.听听
It says听its deployment strategy is not restricted by borders or merchant acquisition and integration.听
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鈥淥ur inspiration is fuelled by Gen Z and millennials, who make up a large part of our customer base,鈥� continued听Belamant.听
鈥�Their demand for convenient and transparent products drives us to keep innovating and improving our offering. We have built a digital platform that links our customer with every retailer in the world allowing us to learn what our customers want, build those features and ship them for a dime to every customer of ours in an instant 鈥� exciting times ahead.鈥�听
The听funding round follows听the launch of the 鈥�Tap and Pay-over-time‘ feature as听the听FinTech aims to become the largest BNPL player in-store in the UK without the need for its customers to use barcode or听QR codes.听听
It听will be the first-ever product of its kind in the UK and Europe and听allow Zilch customers to add the Zilch card to their digital wallet of choice and easily tap and pay in-store and spread the costs over a six-week period.听