UK-based instalment payment service Zilch has secured $110m in debt and equity financing from investors including publisher Daily Mail and General Trust to increase its series B round to $190m.
The round included debt supplied by investment bank Goldman Sachs’ Asset Management unit’s private credit division, while Daily Mail and General Trust invested through corporate venturing subsidiary DMG Ventures.
Zilch raised $80m in the round’s first tranche in April this year, from backers including Gauss Ventures and M&F Fund, at a valuation of more than $500m.
Founded in 2018, Zilch operates a buy-now-pay-later (BNPL) platform that enables users to divide their payments in instalments with no interest or service fees over six weeks after purchase. It will use the cash to boost its marketing campaigns in its home country and expand its presence in the United States.
The company had secured $30m in pre-series B funding from Gauss Ventures and private investor Simon Nixon in December 2020. The deal came in the wake of $10m in series A funding from undisclosed investors when it emerged from stealth three months earlier.
Philip Belamant, founder and chief executive of Zilch, said: “As our customer numbers continue to grow, we have taken the decision to raise additional capital to service this phenomenal demand.
“As Zilch continues to scale at pace, we are delighted that well-respected institutions such as Goldman Sachs and DMG Ventures share our vision of what credit should be in today’s world and how that can be delivered directly to customers in the most responsible way.”
