Zilch weighs London IPO amid growth and regulatory gains
Zilch is preparing to explore a potential London Stock Exchange listing, though the timeline has shifted to 2027 at the earliest, according to reports. The company, which specializes in buy now, pay later loans, has begun engaging investment banks to assess the feasibility of an IPO, though no formal decision or listing date has been confirmed.
The move comes after a year of rapid growth for Zilch, which raised over $175 million in combined debt and equity funding last November. Earlier in 2024, the company secured a £100 million debt facility led by Deutsche Bank. CEO Philip Belamant previously suggested an IPO could occur within 12 to 24 months, though market conditions and internal progress have since pushed back expectations.
Current investors include eBay Ventures, Goldman Sachs, KKCG, BNF Capital, and DMG Ventures, the investment arm of Daily Mail and General Trust. The company has maintained a $2 billion valuation since 2021, though sources indicate a London listing would not likely exceed that figure.
Financially, Zilch has made significant strides toward profitability ahead of a potential public offering. Its latest audited results show a 79% reduction in net losses, down to £10.5 million from £50.2 million the prior year. Revenue surged 93% to £110.3 million, while gross merchandise value (GMV) rose 73% to £1.9 billion. The company’s revenue take rate improved to 6.08%, and gross profit margins now stand at 49%.
Regulatory and strategic moves have also positioned Zilch for broader expansion. In December 2025, it obtained a payments services license from the Financial Conduct Authority, followed by a partnership with Fjord Bank in Lithuania to enter European markets. The acquisition is expected to close later this year, though financial terms remain undisclosed. Additionally, the company appointed Dame Clare Barclay, a former Microsoft executive, to its board in June and joined the UK regulator’s scale-up program in August.
