LONDON--(BUSINESS WIRE)--Zilch, the world’s first ad-subsidised payments network (ASPN), today announced its first month of operating profit while surpassing a revenue run rate of more than $130m (£100m). The business has reached these milestones within just four years of launching its groundbreaking consumer payment platform. Zilch also announced the appointment to its Board of Mark Wilson, former CEO of Aviva and AIA and current member of BlackRock’s Board of Directors.
Zilch achieved both operating profit and surpassed $130 million revenue run rate in July 2024. The speed at which Zilch has achieved profitability places it in the same bracket as European fintech giants such as Revolut, Starling Bank, and Monzo. All four companies also reported revenues in excess of $130 million within three to five years1, with Zilch almost doubling revenues in the year to March 2024. By comparison, industry data shows that it takes the average tech company 8-10 years in the US to break through the $100m revenue ceiling, 15 years in Europe and 17 years in the UK.2
Philip Belamant, CEO and co-founder of Zilch, said: "This milestone fundamentally changes the game for us. Profitability is something that a lot of fast-growing businesses are struggling to achieve, and I am hugely proud of the team for reaching this mark, ahead of plan. While many have cut their way to profit, we’ve doubled our revenue year on year, expanded our team, saved our 4 million customers over half a billion dollars in fees and interest costs, and generated over $3 billion in new sales for merchant partners through our ad-subsidised payments network.”
“In a market saturated with competition, we’ve distinguished Zilch from inception by owning the customer relationship, pioneering regulation, and generating real credit profiles, savings, and value for customers where others haven’t. We’re hugely optimistic about the future, all the while recognising that this is our day 1 and it’s all ahead of us.”
Zilch is leveraging AI to unlock the full potential of four years of first-party consumer data and drive even more precise, personalised offerings. A deep understanding of users’ needs allows Zilch to convert sales better than any online platform to date - converting sales for advertisers up to 10-20 times more effectively than traditional search and social platforms.
As a result, customers now open their Zilch app daily, which creates unrivalled engagement and conversion - all of which continues to drive major merchants to switch their ad budgets to Zilch’s ad-subsidised payments network, in turn fuelling better deals, discounts, and subsidies for customers. Zilch’s remarkable performance accelerates the fintech's momentum as the business eyes even greater milestones in 2025.
Commenting on his new appointment to the Board of Zilch, Mark Wilson, said: "I am excited to join Zilch at this critical juncture. Under Philip's visionary leadership, Zilch is transforming consumer finance with an innovative and responsible approach that lowers customer finance costs and fills a fast-growing need in society. I look forward to working alongside the Board to further help Zilch steer its path toward sustainable success as a category leader."
Chairman of Zilch, Serge Belamant, remarked: “As Zilch's Chair, I am delighted Mark has made this commitment as the value he will add will complement the expertise we currently have and help guide the company in its mission to provide affordable credit and rewarding debit for all as part of its financial inclusion vision. Mark’s deep expertise running global financial businesses will be a tremendous asset as Zilch continues its rapid trajectory, profitable growth, and market expansion.”
Background and notes.
Today’s announcement follows the launch of the company’s second longer-duration zero-interest ‘Pay over 3 Months’ credit payment product; the creation of the Unicorn Council for UK FinTech, where Philip Belamant acts as founding co-chair; the selection of Checkout.com as Zilch’s primary acquiring partner globally; the extension of Zilch’s collaboration with Amazon Web Services to accelerate the rollout of its AI innovation; surpassing the milestone of 4 million registered customers; and raising $125 million in a securitised debt financing arranged by Deutsche Bank.
1. Zilch, Revolut, Starling Bank, and Monzo all reported either run-rate or full-year revenues in excess of £100 million within three to five years of launch and achieved profitability between two and eight years post-launch. Revolut launched its service in July 2015, achieved full-year revenues of £162.7m year-ending December 2019, up from £58.2m the previous year (ARR not publicly disclosed) and reported its first monthly operating profit for December 2017. Starling Bank launched its service in May 2017, achieved annualised run rate revenue of £108m by October 2020 and reported its first monthly operating profit for October 2020. Monzo launched its service in October 2015, achieved annual run rate revenue of £105m+ by December 2020 and reported its first monthly operating profit for January 2023.
2. Bessemer Ventures, Boardwave.org
About Zilch
Zilch’s vision is to eliminate the high cost of consumer credit. For good.
Zilch is a multi-award-winning pioneer of the world’s first direct-to-consumer, ad-subsidised payments network (ASPN). Leveraging its unique, vertically integrated, first-party-data business model, Zilch sets itself apart from the incumbent fintech industry with a profitable global revenue source, bringing unrivalled value to customers and marketers alike. Today Zilch is revolutionising the $50 trillion advertising and payments industries by merging the very best of debit, credit, and savings.
Co-founded by Philip Belamant, Sean O’Connor, and Serge Belamant, Zilch provides millions of customers the freedom to go anywhere in the world (online or offline) and, when they pay, earn up to 5% cashback & rewards on debit payments (‘Pay Now’) or spread interest-free credit repayments over six weeks or three months. In the process, Zilch helps customers build their credit profiles with the major credit agencies. Within 44 months of launch in 2020, Zilch amassed more than 4 million registered customers.
In September 2024, four years after its public launch, Zilch announced that in July 2024 it had achieved first-month profitability in record time while surpassing $130 million of revenue run rate, keeping pace with European fintech giants like Revolut, Starling Bank, and Monzo.
In 2023, Zilch launched its proprietary ASPN service, which allows merchants worldwide instant connection with Zilch’s first-party-data, closed-loop network of millions of high-intent customers, while offering customers personalised savings, deals, and discounts codified to their habitual daily spend.
In January 2023, Zilch struck a ground-breaking reporting agreement with the UK’s prime credit reference agencies, transforming the UK lending ecosystem by enabling all adults to build their credit records using interest-free credit rather than high-cost revolving credit products.
Since April 2020, Zilch has been regulated by the Financial Conduct Authority (FCA), obtaining a consumer credit licence through the Regulatory Sandbox Programme.
Driven by innovation and a commitment to excellence, Zilch is setting new benchmarks in the industry to create a more inclusive and efficient ecosystem, empowering millions of users to budget and manage their financial lives more effectively and transparently.
For more information, visit: www.zilch.com.