Finance

UK Fintech Zilch Secures $125M to Drive Growth and Aim for IPO

Jun 19, 2024 1 min read

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British fintech firm Zilch has raised $125 million (£100 million) in debt financing from Deutsche Bank, structured as a securitization deal. This funding aims to support the company's expansion plans, including the development of new products and the potential to triple its sales volume. The deal allows Zilch to draw down up to £250 million ($317.8 million) of credit, with an additional £150 million available as the company continues to grow.

Zilch, which provides interest-free installment payment options and rewards-earning debit services, plans to use the financing to enhance its capital efficiencies and expand its customer base. Since its launch in 2020, Zilch has amassed over 4 million customers, processed over 10 million monthly payments, and generated over £2.5 billion in commerce. The company is also preparing for an initial public offering (IPO) next year, with discussions underway with major stock exchanges, including Nasdaq, the New York Stock Exchange, and the London Stock Exchange.

#tech #fintech #business #ipo #markets

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