London-based buy-now-pay-later (BNPL) outfit Zilch has raised an additional $50m in funding, taking its total raise for its Series C to $160m.
The firm, which raked in $110m last November through Series C financing, has maintained its $2bn valuation with the extension.
To date, Zilch has raised more than $460m in debt and equity.
The firm plans to leverage the new capital to further fund business growth, especially in the US market where it recently launched with over 150,000 pre-registered customers.
Zilch co-founder Sean OʼConnor noted: “We believe our focus on alignment with the consumer, delivered by our innovative business model, has the potential to create significant long-term value for shareholders.
“Our extensive investment in communicating this message and developing our international network of renowned private, family office and institutional investors has enabled us to secure this extension at the same terms as our Series C, which is a testament to their belief in our significant market opportunity, and our ability to execute against it.”
Zilch CEO and co-founder Philip Belamant added: “This extension is a great endorsement of our unique model as well as our investors’ belief in our ability to deliver on our mission to create the worldʼs most empowering way for people to pay for anything, anywhere.”
The funding comes at a time when BNPL firms are set to face regulation in the UK after HM Treasury sets out a framework for the Financial Conduct Authority (FCA) to review the sector.
Zilch said it collaborated with FCA as part of the Sandbox Programme and was among the first BNPL players in the UK to be granted an FCA license to carry out regulated Consumer Credit activities.
It is already fully compliant with the framework outlined by HM Treasury.
The also recently signed a partnership deal with Experian to develop reciprocal reporting of payment plans to the credit reporting agencyʼs data set.
In April 2021, Zilch secured $80m in a Series B funding round led by Gauss Ventures and M&F Fund.