Zilch soars to $130 million and welcomes Mark Wilson to the board.
Takeaway Points
- Zilch Soars to $130M Revenue and Marks Profitability.
- Industry data shows that it takes the average tech company 8–10 years in the US to break through the $100 million revenue ceiling.
- Zilch also appointed Mark Wilson, former CEO of Aviva, to its board.
Zilch Revenue Rises to $130Million
Zilch, the world’s first ad-subsidised payments network (ASPN), on Tuesday reported 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.
By comparison, industry data shows that it takes the average tech company 8–10 years in the US to break through the $100 million revenue ceiling, 15 years in Europe, and 17 years in the UK, Zilch said in a statement.
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,” he added.
Zilch Appoints Mark Wilson to its Board
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.
Mark Wilson, commenting on his new appointment to the Board of Zilch, 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.”
About Zilch
Zilch’s vision is to eliminate the cost of consumer credit. For good. Zilch is a multi-award-winning and 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.
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.
