BNPL Firm Zilch Secures $110m in Series C Funding

Buy now, pay later (BNPL) platform Zilch has secured $110 million in a Series C funding round, which was led by Ventura Capital and Gauss Ventures with participation from existing investors Goldman Sachs among others.

Zilch will use this funding to support its forway into the US, improving the platform, expanding its customer base and building customer loyalty programmes.

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Since that Series B started in March, Zilch claims the business has grown more than 800%, with its customer base growing from zero to one million in just 13 months.

Zilch founder and CEO, Philip Belamant, said: "While we've achieved phenomenal growth in the U.K., there is tremendous opportunity in the US market. Our unique model allows us to disrupt the network effects setup by incumbents and scale at speed as we sell through social rather than through sales teams."

About Zilch

Zilch was one of the first BNPL providers in the UK to receive a consumer credit license from the FCA and it secured a lending license in California earlier this year. The company claims its direct-to-consumer model allows the company to build relationships with customers and its Open Banking Technology means they only lend a user what they can afford to pay back, preventing problematic debt.