Zilch, the ad-subsidised payments platform, has opened markets for trading at the London Stock Exchange on Thursday as it celebrates its third birthday.
In three years, Zilch has generated £300million in rewards and savings for users, while customer numbers reach 3.5 million – equivalent to 3,000 sign-ups a day since launch.
Describing itself as ‘Europe’s fastest fintech to go from Series A to $2billion valuation’, Zilch also reveals that customers have now spent more than £1.5billion through the platform. In return, they have also benefitted from over £300million in rewards and savings on interest and late fees.
“I’m enormously proud of how far we’ve come in just three years and we appreciate Julia Hoggett, CEO of the London Stock Exchange, inviting us down to open its markets today in celebration of this milestone,” said Philip Belamant, CEO and co-founder, of Zilch. “In just 36 months, almost 10 per cent of the UK adult working population is now a registered customer.”
Belamant says he is encouraged that Zilch’s margins are currently at their highest, credit losses at record lows and revenues the strongest its seen.
“Exceptional growth in fundamental unit economics with substantial gross profit margins holds Zilch on a clear course to profitability and beyond,” he continued. “We are also currently on track to process more sales in the next 12 months than we have in Zilch’s history to date.”
Sean O’Connor, co-founder, also praised the fintech’s strength, highlighting how “our counter-cyclical business model has demonstrated robust performance in this challenging macro market environment. The recognition of our significant societal impact and substantial growth potential is increasingly gaining attention within institutional capital markets.”
