editorial
Fintech company Zilch has announced that it has reached a significant milestone of 3.5 million users. This comes after the firm reported surpassing three million users in late 2022. Zilch highlights that this user count equates to an average of 3,000 new users per day since its launch.
The announcement was made as Zilch opened markets at the London Stock Exchange, marking three years since its establishment. Despite this achievement, Zilch remains a privately-owned company.
Zilch operates as a card provider that also offers a buy now pay later (BNPL) service. The company operates in both the United Kingdom and the United States.
Zilch takes pride in being the “fastest fintech in Europe to go from a Series A stage to a $2 billion valuation.” The company claims that its customers have spent over £1.5 billion through the platform and have also received £300 million in rewards and savings.
Philip Belamant, CEO and co-founder of Zilch, expressed his pride in the company’s accomplishments since its inception. Within just 36 months, nearly 10% of the UK population has become a Zilch customer.
Belamant further remarked on the company’s impressive financial performance, stating, “Our margins are currently at their highest, credit losses are at record lows, and revenues are the strongest we’ve ever seen.” Zilch’s strong growth in fundamental unit economics and substantial gross profit margins have positioned the company on a clear path towards profitability and beyond. Additionally, the firm expects to process more sales in the next 12 months than ever before.
Sean O’Connor, co-founder of Zilch, characterized the company’s business as “counter-cyclical,” performing well despite the challenging macro market environment.
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