Zilch, a Morley (United Kingdom) based startup, announced on 19th April 2021 that it has raised US$ 80 million in its series B funding round. The round witnessed participation from Gauss Ventures and M&F Fund, along with other unnamed investors.
Investors: Gauss Ventures is a London based venture capital firm that was founded in the year 2017. It is an early-stage investor that supports fintech and smart industry companies. Its team, as it claims, has over 100+ cumulative years of experience in building successful businesses, running major banks and investing in promising companies. Its portfolio includes companies such as Zuper, Solfy, Briskly, Jasper and more.
Purpose of investment: The current round brings the total funds raised to date by Zilch to around US$ 119.8 million and its latest valuation to around US$ 500 million. The funds from the current round would be utilised to expand into the US and further develop its product and innovation.
About Zilch:
Zilch was founded in 2018 by Philip Belamant. It is a buy now, pay later platform that has partnered with Mastercard to enable customers to buy things even when they are tight on their finances.
The BNPL (Buy now pay later) model has been around for a long time. However, its emergence in the e-commerce sector is relatively new and it’s getting popular day by day. According to a report from Wordplay, the UK which has the 3rd largest e-commerce market will witness as much as 10% of all e-commerce sales being done through BNPL by 2024.
Unlike other 3rd party payment companies that churn out deals with e-commerce platforms and integrate their payment method along with other payment options on the platform, Zilch deals directly with the customers. It has, as already mentioned, partnered with only one company i.e Mastercard. Hence, whenever a customer chooses to purchase anything online through Mastercard, he/she will be able to avail the BNPL payment method or an instalment based payment method.
What makes Zilch’s payment service even better is that unlike credit cards it does not charge the customers. Instead, it collects its due from the retailers.
What the CEO has to say:
“This funding is a demonstration of the confidence and strength of Zilch’s mission and products. By putting the customer first and building direct relationships with each of them, we are doing something no one else in the industry has done before. Zilch is far more than a BNPL company. We will very soon be launching in a number of new countries and continue the testing and rapid rollout of alternate ways for our customers to spend with Zilch.” —Philip Belamant, founder and CEO of Zilch.
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