Zilch secures $110 mn from Goldman Sachs Asset Management and DMG Ventures

By Megha Bhattacharya

London-based FinTech Zilch has announced that it has secured $110m of debt and equity funding from Goldman Sachs Asset Management, DMG Ventures (the venture capital arm of the Daily Mail and General Trust plc) and others. This investment will enable the FinTech to further accelerate its growth with media campaigns in the UK and launch its services in the US.

Philip Belamant, Founder and CEO, at Zilch, “As our customer numbers continue to grow, we’ve taken the decision to raise additional capital to service this phenomenal demand. As Zilch continues to scale at pace, we’re delighted that well-respected institutions such as Goldman Sachs and DMG Ventures share our vision of what credit should be in today’s world and how that can be delivered directly to customers in the most responsible way. By putting our customers first and building direct relationships with each of them, we are doing something no one else in the industry has done before.”

This funding round follows a series of announcements from Zilch, including its latest feature, Tap and Pay-over-time. The FinTech aims to become the largest BNPL player in-store in the UK without the need for its customers to use annoying bar / QR codes. Zilch is an over-the-top (OTT) BNPL product that allows its customers to shop wherever MasterCard is accepted and spread their payment over six weeks for zero interest and zero fees.

Pankaj Soni, Executive Director at Goldman Sachs Asset Management, “We’ve been tracking Zilch’s progress over the last 12 months and are impressed with the differentiated and direct to consumer approach that the company has taken to build its offering. We are delighted to be supporting their growth and look forward to build on our relationship in the coming years.”

Manuel Lopo de Carvalho, CEO of DMG Ventures, “We’re excited to be joining as investors in Zilch, supporting Philip and the team. The pace of what they have achieved is phenomenal – the level of adoption Zilch has seen this year alone is remarkable. There is a clear opportunity to provide more accessible and responsible credit to UK consumers and we’re delighted to support Zilch in the proliferation of its brand and message to UK customers nationwide.”