From CNBC: 2024-06-19 01:00:01

British fintech firm Zilch raised $125 million from Deutsche Bank to triple sales and prepare for an IPO. Zilch provides interest-free installment plans for shoppers. The company now can draw up to £250 million in credit. CEO Belamant plans to secure more debt to fuel growth. Apple and Goldman Sachs made recent exits from the BNPL market.

Zilch eyes IPO within 2 years, aiming to go public in 12-24 months. The company expects to generate £3 billion in sales by 2026 with £100 million in additional capital. Zilch has already achieved over £2.5 billion in GMV. The firm’s revenue reached £30 million in the last 12 months, with losses declining to £71.7 million.

Zilch generates revenue through interchange fees, commission fees, and advertising sales. The company boasts a high conversion rate of up to 55%. Belamant is cautious about market conditions amid the upcoming U.K. election. Zilch has been growing rapidly, backed by flexible credit arrangements and plans for further expansion.

Read more: UK BNPL fintech Zilch raises $125 million, sees IPO within 2 years