London-based FinTech Zilch has reported a near doubling of revenues as it rides a wave of customer growth and product innovation.
The buy-now pay-later (BNPL) business saw revenue surge 93% year-on-year to £110.3m in the 12 months to March 31 this year, whilst net losses narrowed majorly to £10.5m.
The company, which passed 5m customers in May this year, offers interest-free BNPL services funded through advertising.
It attributed the uplift to both rising transaction volumes and a boost in advertising revenue, which rose 81% to £31.5m.
The business was founded just seven years ago but has now reported gross merchandise value (GMV) of a huge £1.9bn.
It is now in the wallets of nearly 15% of the UK’s 34m working adult population and has now saved consumers over £750m in cumulative savings on interest and fees since its launch.
Zilch has the backing of major investors including eBay, which invested in the firm in late 2023, valuing the business at $2bn.
CEO and co-founder Philip Belamant (pictured, main image) has dropped numerous hints of the company floating, not just in London, but it is still privately owned.
“We’ve just dropped our FY25 Annual Report, and it’s our biggest year yet!,” said Belamant in a post on LinkedIn.
“The average Zilch customer now uses us weekly and our top customers are transacting daily.
“As we roll out new products and solve more customer use cases, we expect our share of wallet to continue accelerating.
“The second half of this year will mark the biggest product launch phase in our history. Watch this space.
“A massive thank you to our customers, partners, and team for making these results possible.”