Zilch, which claims to be one of the world’s first Commerce Cards, recently announced it has surpassed the 3 million customer milestone – “outpacing fintech heavyweights like Revolut, Starling Bank and N26.”
Zilch’s direct-to-consumer approach “continues to outperform the market showing significantly stronger levels of customer engagement and unit economics.”
Zilch’s unique Ad-Subsidised-Payments-Network “generates advertising revenue each time its customers spend, which it passes on to them in the form of free credit, savings, deals and discounts.” This unique approach has “resulted in record-breaking customer growth and a profitable product proposition.”
The announcement comes six months after Zilch went past the 2 million user figure, and is a testament to the business’s innovative approach – “an approach that’s seen it double underlying sales and triple revenue in the last six months – with brands like Apple now moving to try and replicate this winning formula as Zilch surpasses 6% of the UK adult population using its product.”
This news lands “despite a worsening economic climate, downward pressures on valuations and reduced growth rates in global fintech markets.”
However, Zilch continues its progression, the firm claims. In April, a new partnership with Experian UK, the global information services company, “was announced, and in May, Zilch launched its services into the US market.” More recently the company “raised an oversubscribed $50m top-up to its Series C funding round in June, maintaining its valuation.”
Philip Belamant, Zilch’s CEO and co-founder said:
“Everywhere you look there are high energy bills, rising inflation, and a general sense of tension gripping household finances. At Zilch we’re working flat out to bring people the most empowering way to pay for anything, anywhere – whether that be credit (pay in 4), debit (pay in 1) with instant cashback in rewards, or savings. It’s therefore highly pleasing to have hit 3 million customers and know that so many consumers are reaping the benefits of access to the best of debit, credit and savings through our product.”
Philip added:
“Going from 0 to 3 million customers in just 24 months has been an unreal journey and this phenomenal trajectory is certainly a testament to the hard work of the Zilch team. We continue to remain focused on delivering value for our customers for whom we’ve already generated savings of over £75 million. We remain focused on providing a sustainable product in the most responsible way, with gross profit now behind us and a clear track to becoming a bottom-line profitable business.”
By partnering directly with consumers rather than merchants, Zilch allows customers “to pay using either reward-earning debit or interest-free credit, both online and in-store, anywhere that Mastercard is accepted.”
To further bolster their customer safeguards, they are fully “regulated by the Financial Conduct Authority, having obtained a consumer credit license prior to [their] launch.”