Zilch, the London-based start-up redefining the Buy Now, Pay Later (BNPL) industry, has announced that it has raised $80m in their series B funding round, backed by numerous investors including Gauss Ventures and M&F Fund.
Over the last two years, the company has raised more than $120m and is now valued at over $500m.
The funding will be used to launch in the USA and continue the company’s growth in the UK by investing further in product innovation and development.
Over 2020 Zilch has rapidly expanded its internal talent and more than quadrupled its headcount to 80, with 100 new hires planned as it grows its UK headquarters and looks to enter the US market.
Strategic hire includes Werner Kruger, ex VP of Data Science at Klarna and Monese’s ex-Chief Analytics Officer, as Chief Data Officer and more recently, Amabel Polglase, ex-Head of Global Clients at Facebook, as Chief Marketing Officer.
Philip Belamant, Founder and CEO at Zilch, “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.
“Our inspiration is fuelled by Gen Z and millennials, who make up a large part of our customer base. Their demand for convenient and transparent products drives us to keep innovating and improving our offering. We have built a digital platform that links our customer with every retailer in the world allowing us to learn what our customers want, build those features and ship them for a dime to every customer of ours in an instant – exciting times ahead!”