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November 11, 2021

Zilch raises $110m through Series C funding to fund expansion plans

By Johney Amala

London-based buy now, pay later (BNPL) lender Zilch has raised $110m through a Series C funding round, which was led by  Ventura Capital and Gauss Venture.

With this fund raise, Zilch’s valuation has touched $2bn.

The latest funding round comes eight months after a Series B round through which it touched a $500m valuation.

Zilch intends to leverage the fresh proceeds to foray into the US. It has opened an office in Miami with around 10 employees working on its expansion plans in the country.

In September this year, it acquired debt funding platform Neptune Financial in the US.

In 2019, Zilch opened in beta. It is claimed to be the first truly over-the-top BNPL product that enables its customers to shop wherever MasterCard is accepted. Its users can split their payment over six weeks without any interest and fee.

Zilch also recently introduced the Tap and Pay-over-time feature, enabling shoppers in-store to access the same services as online consumers.

The firm, which has the backing of Goldman Sachs, now has more than a million customers and is claimed to be onboarding 200,000 a month.

It currently has over 210 employees, up from just 20 in March this year and plans to appoint another 100 workers in the next 12 months.

Leveraging the booming demand in BNPL services, German firm Billie in October raised $100m at a $640m valuation and Italian firm Scalapay secured $155m at a $700m valuation in September.

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