Zilch has raced past the 3 million customer milestone after adding a million users in the last six months.
The London company has amassed a customer base of more than 6% of the UK adult population in under two years – twice as fast as any other FinTech – while the extension of its Series C round this summer took its total funding to more than $460m in debt and equity.
That maintained a valuation of more than $2 billion, having already become Europe’s fastest FinTech company to go from Series A to a double unicorn.
It has executed this in a Buy Now Pay Later market already dominated by rivals such as Klarna. But while the valuation of the Swedish giant has dropped dramatically amid a growing backlash against BNPL, Zilch’s apparently more ethical approach has paid dividends.
Its payment network is subsidised by advertising revenue which is generated each time its customers spend.
The company has doubled underlying sales and tripled revenue in the last six months. It has turned a gross profit and says it is eyeing bottom-line profitability in the near future.
In April, a new partnership with Experian UK, the global information services company, was announced, and in May, Zilch launched its services into the US market.
“Everywhere you look there are high energy bills, rising inflation, and a general sense of tension gripping household finances,” said CEO and co-founder Philip Belamant.
“At Zilch we’re working flat out to bring people the most empowering way to pay for anything, anywhere – whether that be credit (pay in 4), debit (pay in 1) with instant cashback in rewards, or savings.
“Going from 0 to 3 million customers in just 24 months has been an unreal journey and this phenomenal trajectory is certainly a testament to the hard work of the Zilch team.”