Zilch hits 3m users in 24 months

Just two years after launching, Zilch has hit three million customers.

In the last six months, the ‘buy now, pay later’ (BNPL) has increased its user base by half, doubled underlying sales and tripled revenue, it says.

The milestones follow a few big months for the company, with moves including a new partnership with Experian, US expansion and a $50m Series C round that kept its valuation at $2bn. 

“Everywhere you look there are high energy bills, rising inflation, and a general sense of tension gripping household finances,” Zilch CEO Philip Belamant said.

“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 four), debit (pay in one) with instant cashback in rewards, or savings.”

Belamant said it was “highly pleasing” to hit three million customers and for so many to see the benefits of Zilch’s debit and credit offerings.

Alongside going from zero to three million customers in two years, the BNPL says it is now profitable across its product suite and is looking to bottom-line profitability “in the near future”.

“We continue to remain focused on delivering value for our customers for whom we’ve already generated savings of over £75 million,” Belamant continued. 

“We remain focused on providing a sustainable product in the most responsible way, with gross profit now behind us and a clear track to becoming a bottom-line profitable business.”