Zilch recorded its first month of operating profit in July while surpassing a revenue run rate of more than £100 million.
The business has reached these milestones within just four years of launching its consumer payment platform, which is subsidised by ads.
Zilch also announced the appointment to its board of Mark Wilson, former CEO of Aviva and AIA and current member of BlackRock’s board of directors.
Zilch almost doubled revenues in the year to March 2024. Revolut, Starling Bank and Monzo also reported revenues in excess of £100m within three to five years.
“This milestone fundamentally changes the game for us. Profitability is something that a lot of fast-growing businesses are struggling to achieve, and I am hugely proud of the team for reaching this mark, ahead of plan,” said Philip Belamant, CEO and co-founder.
“While many have cut their way to profit, we’ve doubled our revenue year on year, expanded our team, saved our 4 million customers over half a billion dollars in fees and interest costs, and generated over $3 billion in new sales for merchant partners through our ad-subsidised payments network.
“In a market saturated with competition, we’ve distinguished Zilch from inception by owning the customer relationship, pioneering regulation, and generating real credit profiles, savings, and value for customers where others haven’t.
“We’re hugely optimistic about the future, all the while recognising that this is our day 1 and it’s all ahead of us.”
Zilch is leveraging AI to unlock the full potential of four years of first-party consumer data and drive precise, personalised offerings. It says a deep understanding of users’ needs allows it to convert sales better than any online platform.
New board member Wilson said: “I am excited to join Zilch at this critical juncture. Under Philip’s visionary leadership, Zilch is transforming consumer finance with an innovative and responsible approach that lowers customer finance costs and fills a fast-growing need in society.
“I look forward to working alongside the Board to further help Zilch steer its path toward sustainable success as a category leader.”
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