This Zilch company profile covers the company's valuation, revenue, funding rounds, investors and history. Zilch works in fintech, with a focus on payments and buy now, pay later. It was founded in 2018 and is headquartered in London, England, United Kingdom. Its latest valuation on record is US$2 billion (2021 (maintained in later reporting)). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.
Revenue
About £110 million — Annual revenue (reported), as of Financial year to March 2025. Source: Tech Funding News.
Funding history
| Date | Round | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Nov 2025 | Debt and equity | More than US$175M | Not disclosed | KKCG (lead); BNF Capital and other strategic investors | Business Wire |
Zilch timeline
Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.
- 2018 — Zilch is founded in London by Philip Belamant (CEO) and Sean Murray.
- Nov 2025 — Debt and equity: More than US$175M. Investors: KKCG (lead); BNF Capital and other strategic investors.
Investors
Overview
Zilch is a London-based payments company best known for its buy now, pay later (BNPL) card and app, which let consumers spread purchases over several weeks, typically in instalments, or pay upfront and earn cash back. It positions itself as a "direct-to-consumer payment network", earning money partly from merchants and advertisers rather than mainly from interest and late fees. Zilch holds regulatory permissions in the UK, has expanded internationally and has said it is preparing for a possible London IPO in 2027. It was valued at US$2 billion in 2021, a figure reports say it has maintained, though no new valuation was disclosed with its 2025 funding.
Philip Belamant, the CEO, and Sean Murray founded Zilch in 2018. The founders aimed to create a credit product that avoided the high interest and fees of traditional credit cards, while making money from the commerce happening on the platform.
Products
- Pay in instalments: splitting purchases into several payments, often interest-free.
- Pay upfront with rewards: paying in full with debit and earning cash back.
- Zilch card: a card usable online and in shops wherever card payments are accepted.
- Deals and rewards: merchant offers in the app, funded by brands.
- Longer-term credit: instalment options over longer periods in some cases.
Funding
Zilch raised venture funding and debt from investors including Ventura Capital, eBay, M&G and Deutsche Bank, with a 2021 round valuing it at about US$2 billion. In November 2025 it announced it had raised more than US$175 million in debt and equity, led by KKCG, with BNF Capital and other strategic investors, and expanded a securitisation facility led by Deutsche Bank. No new valuation was disclosed for that round. Reports have said the company's valuation has stayed at about US$2 billion, and Financial Times sources suggested an IPO might not exceed it, so we treat the figure as a 2021 mark.
Revenue and profitability
Tech Funding News, citing company accounts, reported revenue of about £110 million for the financial year to March 2025 and a sharp reduction in losses. Zilch has said it hopes to be profitable by the time it lists.
Business model
Zilch earns revenue from merchant fees when shoppers use its card, from advertising and brand-funded deals in its app, from interchange on card spending and from some consumer fees and longer-term credit products. Its emphasis on merchant and advertising revenue distinguishes it from lenders that rely on interest. Funding for instalment loans comes from debt facilities and securitisation, so access to credit markets is important.
Competition
Zilch competes with BNPL providers such as Klarna, PayPal Pay in 3, Clearpay (Afterpay) and Affirm, and in the Middle East with Tabby and Tamara; with credit cards and banks; and with cash-back and rewards apps. Its card that works almost anywhere, rather than only at partner merchants, is a key differentiator.
Zilch at a glance
Zilch is a London payments and BNPL company founded in 2018 by Philip Belamant and Sean Murray. It reported revenue of about £110 million for the year to March 2025. It was valued at US$2 billion in 2021 and raised more than US$175 million in debt and equity in November 2025 led by KKCG, without disclosing a new valuation, and is preparing for a possible 2027 IPO.
Timeline
- 2018: founded in London.
- 2020: launches widely in the UK.
- 2021: raises at about US$2 billion.
- November 2025: raises more than US$175 million led by KKCG.
- January 2026: agrees to buy Lithuania's Fjord Bank, which would give it an EU banking licence.
BNPL regulation
BNPL grew quickly with little regulation, prompting concerns about consumers taking on too much debt. The UK government has moved to bring BNPL under Financial Conduct Authority regulation, with affordability checks and stronger consumer protections. Zilch has supported regulation and held FCA permissions, which it sees as an advantage against less regulated competitors. Rules in the EU and other regions are also tightening.
Banking ambitions
Tech Funding News reported that in January 2026 Zilch agreed to acquire AB Fjord Bank in Lithuania, which would give it a European banking licence. A licence could let it take deposits, lower funding costs and offer services across the EU, subject to regulatory approval.
Who uses Zilch
Zilch's customers are mainly UK consumers who want flexible payment options and rewards, along with merchants and brands that pay for exposure and sales through its platform.
Valuation context
Klarna's 2025 IPO and Affirm's public valuation provide benchmarks for BNPL companies. Zilch's US$2 billion figure was set in 2021, and an IPO would test it. Our guide to the largest private fintech companies provides comparisons.
Risks
- Credit risk: consumer defaults rise when household budgets are stretched.
- Regulation: new BNPL rules may raise costs.
- Funding: depends on debt and securitisation markets.
- Stale valuation: the last disclosed figure dates from 2021.
Questions for consumers
- What happens if you miss a payment?
- Will using BNPL appear on your credit file?
- Are cash-back rewards worth more than other cards?
Why BNPL appeals to shoppers
Buy now, pay later grew quickly because it's simple: shoppers can split a purchase into a few interest-free payments without applying for a credit card. For merchants, BNPL can increase conversion and basket sizes. Critics warn that it can encourage overspending, especially when consumers use several BNPL providers at once, and that missed payments can lead to fees and debt collection. Providers that check affordability carefully and report to credit bureaus can reduce these risks. Zilch's push to earn revenue from merchants and advertisers is partly a response to these concerns, since it reduces reliance on fees charged to struggling customers.
Questions for investors
- How much revenue comes from merchants and advertising versus consumers?
- How have credit losses trended as the loan book grew?
- What will a banking licence change for funding costs?
Merchants and advertisers
Beyond consumers, brands use Zilch's app to reach shoppers with deals, paying for visibility and sales. This advertising side of the business is important to Zilch's plan to earn more from merchants and less from consumer fees.
Latest developments (October 2026)
Zilch is lining up banks for a London IPO, most likely in the second half of 2027 or early 2028, according to the Financial Times as reported by Payment Expert. In its year to March 2025 revenue rose 93% to £110.3 million and its net loss fell 79% to £10.5 million, according to Tech Funding News. Its November 2025 raise of more than US$175 million, led by KKCG, kept its valuation at US$2 billion. See our consumer lending fintech guide.
What to watch
Watch for an IPO filing, profitability, the Fjord Bank deal and UK BNPL regulation.
Takeaways
Consumers can spread payments and earn rewards. Founders can see how merchant and advertising revenue can reduce reliance on interest. Investors should treat its US$2 billion valuation as a 2021 mark.
Sources
Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.
Frequently asked questions
What does Zilch do?
Zilch is a fintech / payments and buy now, pay later company headquartered in London, England, United Kingdom. It was founded in 2018.
What is Zilch's valuation?
Zilch was valued at US$2 billion as of 2021 (maintained in later reporting), according to Tech Funding News. Private company valuations are set at funding rounds or share sales and can change significantly between them.
How much revenue does Zilch make?
Zilch reported About £110 million (annual revenue (reported)) as of Financial year to March 2025, according to Tech Funding News.
What was Zilch's latest funding round?
The most recent financing we have verified is a debt and equity in Nov 2025: More than US$175M. Source: Business Wire.
Who are Zilch's investors?
Investors named in public announcements include KKCG, BNF Capital, eBay, Deutsche Bank, Ventura Capital and M&G.
Who founded Zilch?
Zilch was founded in 2018 by Philip Belamant (CEO) and Sean Murray.
Is Zilch a public company?
No. Zilch is a private company (private, venture backed), so its shares are not traded on a stock exchange and it isn't required to publish its financial results.
Where is Zilch headquartered?
Zilch is headquartered in London, England, United Kingdom.