FinTech: UK-Based BNPL Player Zilch Closes Series B With Additional $110M
The $110 million comprised both debt and equity capital.
Zilch, the UK-based BNPL platform has raised an additional $110 million from Goldman Sachs and DMG Ventures. The funding is part of the extended Series B round, first announced by Zilch in April for launching in the USA and Europe. It had then raised $80 million at a valuation of over $500 million. (CROWDFUND INSIDER)
Founded in 2018, Zilch allows its customers to shop wherever MasterCard is accepted and spread their payment over 6 weeks for zero interest and zero fees. The firm describes this as a lightweight, direct-to-consumer model that allows it to build direct relationships with its customers, and therefore scale faster than the competition.
It is a fully regulated BNPL provider in the UK.
The startup employs an Open Banking technology and uses soft credit checks to get a view of the BNPL customer’s financial profile, thereby avoiding bad debts.
“As Zilch continues to scale at pace, we’re delighted that well-respected institutions such as Goldman Sachs and DMG Ventures share our vision of what credit should be in today’s world and how that can be delivered directly to customers in the most responsible way,” said Philip Belamant, founder and CEO at Zilch. “By putting our customers first and building direct relationships with each of them, we are doing something no one else in the industry has done before.”
Manuel Lopo de Carvalho, CEO of DMG Ventures, said the pace of what Zilch has achieved is phenomenal: “The level of adoption Zilch has seen this year alone is remarkable.”
The firm will use the funding to further accelerate its growth with nationwide media campaigns in the UK and the launch of its services in the US.
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