London-based FinTech Zilch has reported a near doubling of revenues as it rides a wave of customer growth and product innovation.
The buy-now pay-later (BNPL) business saw revenue surge 93% year-on-year to 拢110.3m in the 12 months to March 31 this year, whilst net losses narrowed majorly to 拢10.5m.
The company, which passed 5m customers in May this year, offers interest-free BNPL services funded through advertising.
It attributed the uplift to both rising transaction volumes and a boost in advertising revenue, which rose 81% to 拢31.5m.
The business was founded just seven years ago but has now reported gross merchandise value (GMV) of a huge 拢1.9bn.
It is now in the wallets of nearly 15% of the UK鈥檚 34m working adult population and has now saved consumers over 拢750m in cumulative savings on interest and fees since its launch.
Zilch has the backing of major investors including eBay, which invested in the firm in late 2023, valuing the business at $2bn.听
CEO and co-founder Philip Belamant (pictured, main image) has dropped numerous hints of the company floating, not just in London, but it is still privately owned.听
鈥淲e鈥檝e just dropped our FY25 Annual Report, and it鈥檚 our biggest year yet!,鈥� said Belamant in a post on LinkedIn.
鈥淭he average Zilch customer now uses us weekly and our top customers are transacting daily.
鈥淎s we roll out new products and solve more customer use cases, we expect our share of wallet to continue accelerating.听
鈥淭he second half of this year will mark the biggest product launch phase in our history. Watch this space.
鈥淎 massive thank you to our customers, partners, and team for making these results possible.鈥�