“Ad-subsidised payments network (ASPN)” Zilch says it has generated $130 million or £100 million in revenue as of July while turning the corner on profitability. The company did not provide information as to how profitable it is.
The Fintech compares itself to other big name Fintechs like Revolut, Starling Bank and Monzo in regard to its speed of growth. Checkout.com is Zilch’s primary acquiring partner globally. Zilch claims over 4 million users.
CEO and co-founder of Zilch, Philip Belamant described the milestone as a game changer while noting that a lot of other firms struggle to become profitable. Belamant claimed that profitability arrived ahead of plan.
“… we’ve doubled our revenue year on year, expanded our team, saved our 4 million customers over half a billion dollars in fees and interest costs, and generated over $3 billion in new sales for merchant partners through our ad-subsidised payments network,” said Belamant.
Zilch said that artificial intelligence is boosting its performance as it leverages consumer data. The company reported converting consumers up to 10x to 20X more than traditional search and social media. Zilch shared that customers now open their Zilch app daily.
The company also announced that current BlackRock Board member and former CEO of Aviva and AIA has joined its board.
Zilch is regulated by the Financial Conduct Authority (FCA) having obtained a consumer credit licence through the Regulatory Sandbox Programme.
