Updated:
Zilch
Zilch was founded in London in 2020 by CEO Philip Belamant. The company operates as a direct-to-consumer payments platform regulated by the UK's Financial...
Zilch
Zilch was founded in London in 2020 by CEO Philip Belamant. The company operates as a direct-to-consumer payments platform regulated by the UK's Financial Conduct Authority since April 2020, having first obtained its consumer credit licence through the FCA's Regulatory Sandbox Programme. Zilch provides a virtual Mastercard that lets users either pay in full to earn up to 5% cashback in Zilch Rewards or split purchases over six weeks or three months interest-free, charging a fee of up to $3 only when shopping outside its zero-fee merchant network. The company reports facilitating over £2.5 billion in commerce since launch and saving customers £450 million in fees and interest through its ad-subsidisation model (per Zilch, June 2024). Revenue comes from retailers paying to connect with Zilch's closed network of customers using first-party data — a strategy that distinguishes it from balance-sheet lenders. The company reported over 4 million registered customers as of June 2024 and a monthly pace of more than 100,000 new customer additions, with payment volumes exceeding 10 million per month (per Zilch, June 2024). Zilch doubled revenue year-over-year and, in June 2024, raised £100 million in a securitised debt deal arranged by Deutsche Bank to triple sales volumes and fund new product launches ahead of a planned IPO (per Zilch, June 2024). In January 2023 it reached an agreement with major UK credit reference agencies allowing adults to build credit records using interest-free repayments rather than revolving debt. Zilch's architecture stitches credit, debit, and advertising supply into a single vertically integrated product — a structure that improves margins as user scale grows, since the cost of rewards is offloaded onto advertiser fees rather than spread income. That regulatory-first lineage (FCA Sandbox Programme) and the company's disclosed intent to pursue a public listing mark a governance path that few private European fintechs at this stage openly signal.
General information
Firm type
Asset Manager
Year founded
2020
AUM
Undisclosed
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
London, United Kingdom
Principals
Philip Belamant
CEO and Co-Founder
Hugh Courtney
Chief Financial Officer
Sector focus
Frequently asked questions
Who runs investment decisions at Zilch?
Zilch is an operating company, not an investment firm, so it does not have a CIO or investment committee in the traditional sense. Strategic and capital-allocation decisions are driven by CEO and Co-Founder Philip Belamant alongside CFO Hugh Courtney, who led the £100 million securitisation deal with Deutsche Bank announced in June 2024 (per Zilch, June 2024). The company has disclosed an intention to pursue an IPO, which would shift governance toward a public-company board structure.
How does Zilch source its deal flow?
Zilch is a consumer fintech, not a fund, so it does not source investment deals. Its growth comes from direct customer acquisition — the firm reported adding over 100,000 new customers per month as of June 2024 — and from signing retail partners onto its ad-subsidised payments network (per Zilch, June 2024). Merchants pay Zilch to access first-party data on high-intent shoppers, which funds the rewards Zilch pays to consumers.
Is Zilch structured as a family office or does it operate more like a venture-backed startup?
Zilch is a venture-backed operating company, not a family office. It has raised external capital, including a £100 million securitised debt facility from Deutsche Bank in 2024 to fuel expansion, and the company has publicly stated it is working toward an IPO (per Zilch, June 2024). It is regulated by the UK's Financial Conduct Authority and produces its own revenue rather than managing a single family's wealth.
Does Zilch participate in fund commitments or only direct deals?
Zilch does not participate in fund commitments or direct investment deals. It is a consumer payments and credit platform, not an allocator. Its corporate activity consists of raising debt and equity for its own balance sheet — evidenced by the Deutsche Bank securitisation deal — rather than deploying capital into third-party funds or companies.
What investment stages does Zilch typically target?
Zilch does not target investment stages. As an operator, its focus is on scaling its own product lifecycle: it launched in 2020, reached 4 million customers within 44 months, introduced its proprietary ad-subsidised payments network in 2023, and secured debt financing in 2024 ahead of a planned IPO (per Zilch, June 2024). Growth capital has been raised to expand its lending book and product suite.
How is Zilch regulated?
Zilch has been regulated by the UK Financial Conduct Authority since April 2020, having obtained its consumer credit licence through the FCA Regulatory Sandbox Programme (per Zilch, June 2024). It also reached a reporting agreement with major UK credit reference agencies in January 2023, enabling customers to build credit histories using interest-free instalment payments.
What is Zilch's known posture on a future public listing?
Zilch's CFO Hugh Courtney stated in June 2024 that the Deutsche Bank securitisation represents a major milestone as the company works toward an IPO in the future, setting an initial benchmark for pricing public debt issuance (per Zilch, June 2024). No exchange or timeline has been specified, but the disclosure signals a near-to-medium-term public-markets ambition.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on family offices?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: