Zilch, a UK-based buy now, pay later fintech, announced on Wednesday it secured $30 million through its oversubscribed pre Series B in less than three weeks. The latest funding round comes just a few months after Zilch raised $10 million.
As previously reported, Zilch offers a Buy Now Pay Later service that allows users to pay for a purchase in the course of six weeks without any fees or interest.
“Zilch ensures that customers never over-borrow by making use of Open Banking and AI to determine each customer’s level of affordability and only funds low-value discretionary purchases. As a result, Zilch’s customers rarely default and make use of the product as a cash flow management tool, which has proven to be of huge value during this COVID period.”
The company also revealed that it has seen customers quadruple over the last six months and transaction volume grow by more than 100% month-on-month. Speaking about the latest funding round and platorm growth, Zilch CEO and Founder, Philip Belamant stated:
“We are excited and humbled by the response our product has received by both investors and customers alike. Customers recognise our dedication to focus on their needs. This is what sets us apart from other BNPL players in the market today and what continues to drive us in creating a new category – we want and can help people during these difficult times as our systems self adapt to the socio economic conditions of the day and we feel privileged to be in a position to do so. We are just getting started and have some amazing new features coming soon, all of which track our customers’ way of life, financial constraints and aspirations!”
The company is planning to use the investment round’s funds to continue the growth and development of its platform.