The funding will help Zilch hire additional talent and expand its team. Here are the top-line bullets you need to know.
Zilch, a fintech platform, has raised $110M in a mix of debt, from Goldman Sachs Asset Management, and equity in an extended Series B round with participation from dmg ventures.
HOW’S THE COMPANY PERFORMING?
- UK-based Zilch is a buy-now-pay-later (BNPL) application that enables customers to buy products online from more than 5,000 stores with an option to split payments over time with zero interest.
- The company reportedly caters to 700,000 customers and is witnessing 150,000 new sign-ups each month.
- Zilch currently employs 150 people.
WHY DOES THE MARKET MATTER?
- The fintech market is projected to grow at a CAGR of 23.41% to reach a value of $324B by 2026, according to Market Data Forecast.
- Today, BNPL reflects a small portion of the overall spending on payment cards (including credit, debit, and prepaid cards), an industry that sees roughly $8T in annual spend volume in the US. However, there is growing evidence that BNPL is at an inflection point. By 2025, the global BNPL industry is expected to grow 10-15x its current volume, topping $1T in annual gross merchandise volume by some estimates. This growth trajectory has incumbents paying close attention and increasing their efforts to improve the digital user experience.