London-based BNPL outfit Zilch has secured a further $110m in debt and equity funding to cater to the evolving demand for its ‘buy now, pay later’ (BNPL) offering.
This investment follows the firm’s $80m Series B funding round in April, which brought its total valuation to $500m.
The new capital from Goldman Sachs Asset Management, DMG Ventures and others, will enable Zilch to further drive its growth with nationwide media campaigns in the UK.
It will also support the firm’s move to expand its offerings to the US.
Zilch CEO and founder Philip Belamant said: “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.
“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.”
Claimed to be the first truly over-the-top (OTT) BNPL product, Zilch enables its customers to shop wherever MasterCard is accepted.
The users can split their payment over six weeks without any interest and fee.
Goldman Sachs Asset Management executive director Pankaj Soni said: “We’ve been tracking Zilch’s progress over the last 12 months and are impressed with the differentiated and direct to consumer approach that the company has taken to build its offering.
“We are delighted to be supporting their growth and look forward to build on our relationship in the coming years.”
DMG Ventures CEO Manuel Carvalho added: “There is a clear opportunity to provide more accessible and responsible credit to UK consumers and we’re delighted to support Zilch in the proliferation of its brand and message to UK customers nationwide.”
Zilch recently introduced the Tap and Pay-over-time feature, allowing shoppers in-store to access the same services as online consumers.