London-based buy now, pay later (BNPL) firm Zilch has secured £100 million in securitised debt financing arranged by Deutsche Bank.
The financing will enable Zilch to grow its business and accelerate its ability to create and launch new products for a broader base of customers.
Launched in 2020, Zilch claims to have amassed over 4 million customers and processing more than 10 million monthly payments, and that its platform has already generated over £2.5 billion in commerce and saved its customers more than £450 million in fees and interest through its ad-subsidisation model.
“With this new securitisation, we’re poised to triple sales volumes and achieve significant capital efficiencies as we continue to drive billions in commerce to our retail network and, in turn, hundreds of millions in savings and subsidies to our customer base,” said Philip Belamant, CEO and co-founder of Zilch.
Belamant added that the deal enables the firm “to accelerate the rollout of our feature roadmap which will broaden wallet and market share”.
Hugh Courtney, chief financial officer of Zilch, said that the deal represents a “major milestone as we work towards an IPO in the future”.
