Buy now pay later firm Zilch adds former Aviva CEO Mark Wilson to its board and turns profitable

UK FinTech firm, Zilch, has announced the appointment to its board of Mark Wilson, former CEO at Aviva and AIA and current member of BlackRock’s board of directors.

The company, which was founded in 2018, also reports its first month of operating profit (although a press release did not provide any exact figures), while surpassing a revenue run rate of more than $130 million (£100 million) in July.

Plans are afoot to pursue an initial public offering either next year or in 2026, with London and New York expected to compete for the listing.

Rival Klarna is set to announce plans for a New York flotation early next year. In total, Zilch has raised close to £400 million in equity and debt since it was founded.

Philip Belamant, CEO and Co-founder at Zilch, says: "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 four 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 one and it’s all ahead of us.”

Wilson says: "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, says: “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.”

2024 RTIH INNOVATION AWARDS

Payments is a key focus area for the sixth edition of the RTIH Innovation Awards, which is now open for entries.

The awards, sponsored by CADS, 3D Cloud, Retail Technology Show 2025, and Business France, celebrate global tech innovation in a fast moving omnichannel world.

It’s free to enter and you can do so across multiple categories.

Key 2024 dates

Friday, 25th October: Award entry deadline 

Tuesday, 29th October: 2024 shortlist revealed

30th October-6th November: Judging days

Thursday, 21st November: Winners announced at the 2024 RTIH Innovation Awards ceremony, to be held at RIBA’s 66 Portland Place HQ in Central London.