Zilch Secures Partnership with eBay
Zilch, the buy now pay later (BNPL) platform, has announced a new partnership with eBay, securing an equity investment that keeps its valuation at £1.65bn. The fintech company, founded in 2019 by Philip Belamant and Sean O’Connor, has received a ‘low single digit million’ investment from eBay Ventures. This follows the £20m funding raised earlier this year from current investors.
Double Unicorn Valuation
Zilch achieved a ‘double unicorn’ valuation in 2021 after closing its Series C funding round. This round, which raised $110m and was oversubscribed, was led by Ventura Capital and Gauss Ventures. In 2022, the startup added an additional $50m to the round, maintaining its valuation despite the wave of down rounds in the industry.
Growing Customer Base and Unique Offering
Zilch has gained significant traction since its launch, with over 3.5 million customers and an average usage of 100 times per year. The company differentiates itself from other BNPL platforms through its customer rewards and ad subsidisation. According to CEO Belamant, Zilch has already driven over £1.5bn in commerce to retailers and provided over £300m in savings and rewards to customers.
Future Growth and Profitability
Belamant expressed confidence in Zilch’s future growth, stating that the company is on track to process more sales in the next 12 months than it has to date. With strong investor backing and a growing customer base, Zilch aims to continue driving commerce and delivering savings to its users.