The buy now/pay later startup Zilch has raised a further $50 million, upping the total raise for its Series C fundraising to $160 million as it plans bolster U.S. expansion plans.
The London-based fintech, which allows users to pay for goods — including groceries — in installments, has now received total funding of more than $460m, according to a statement Thursday. The raise — which maintained the startup’s $2 billion valuation — comes at a time the flagship BNPL provider Klarna is reportedly considering raising fresh funds at a
The injection of capital will fund business growth in the U.S. market where Zilch recently opened its Miami office. The company said it has more than 150,000 pre-registered customers in the U.S. with an uptake four times faster than in the U.K.
“What investors are seeing in Zilch is something that is bucking the trend” CEO and co-founder Philip Belamant said in an interview. “Zero to 2.5 million customers, faster than anyone, in just over 18 months.”
The unicorn is looking at potential acquisitions, particularly in the advertising technology and open banking spaces, he said. The 250-person firm is looking to add a further 50 roles by the end of the year.
The new funding follows the recent U.K. government announcement it would tighten regulation of the buy now/pay later sector amid growing concern some users don’t fully understand the product as more consumers turn to the unregulated form of credit.
Zilch’s investors include Ventura Capital, Goldman Sachs Asset Management and Gauss Ventures.
