London-based BNPL unicorn Zilch has secured an additional $50m in funding, taking the total raise for its Series C to $160m.
The extension brings Zilchʼs total funding to more than $460m in debt and equity and sees the fintech company maintain its valuation.
Zilch appears to be bucking the donward trend in the bruised BNPL market, as incoming regulation and rising interest hit the valuations of established peers like Klarna.
Sean OʼConnor, Zilch co-founder, says: “Since we founded Zilch and began raising capital, the markets have been difficult to predict given Covid and now the downturn the markets are currently seeing. We believe our focus on alignment with the consumer, delivered by our innovative business model, has the potential to create significant long-term value for shareholders. Our extensive investment in communicating this message and developing our international network of renowned private, family office and institutional investors has enabled us to secure this extension at the same terms as our Series C, which is a testament to their belief in our significant market opportunity, and our ability to execute against it.”
The firm says it has doubled underlying sales and revenue in the past six months with mature customer cohorts now using Zilch daily, resulting in net transaction margin profitability.
The additional capital will be used to further fund business growth, with a focus on the US market where Zilch recently opened its Miami office and launched with more than 150,000 pre-registered customers.
Philip Belamant, CEO & co-founder, says: "This extension is a great endorsement of our unique model as well as our investors' belief in our ability to deliver on our mission.”