Fintech Zilch is reporting that it has topped 3.5 million users. The last user milestone Zilch claimed was in late 2022 when Zilch said it had surpassed three million users. The company notes that the user count equates to about 3,000 new users every day since its launch.
Zilch announced the news while opening markets at the London Stock Exchange three years after its creation. Zilch remains a private firm.
Zilch is a card provider that also offers a buy now pay later (BNPL) service. The company operates in the UK as well as the United States.
Zilch claims to be Europe’s “fastest Fintech going from a Series A to a $2 billion valuation. Zilch customers have now spent over £1.5 billion through the platform while also receiving £300 million in rewards and savings, according to the company.
Philip Belamant, CEO and co-founder, says he is proud as to how far they have come since inception, adding that in just 36 months, almost 10% of the UK population is a customer.
“Whilst we remain acutely aware of the many challenges that lie ahead, I am very encouraged by the fact our margins are currently at their highest, credit losses at record lows and revenues the strongest we’ve ever seen. Exceptional growth in fundamental unit economics with substantial gross profit margins holds Zilch on a clear course to profitability and beyond. We are also currently on track to process more sales in the next 12 months than we have in Zilch’s history to date.”
Zilch co-founder Sean O’Connor described their business as “counter-cyclical” performing well during this challenging macro market environment.
