Zilch Hits 5m Customers & Claims £750m in Consumer Savings

UK-based payments platform Zilch has surpassed 5 million registered customers in the UK market.

The fintech, which operates a unique ad-enabled payments network, reported it is currently adding more than 100,000 new customers monthly and now serves approximately 15% of the UK's 34 million working adult population.

Growth metrics

In addition to customer growth, Zilch stated it has helped consumers save over £750m (US$989m) in cumulative interest and fees since its launch less than five years ago. 

The company also reported that its revenues have doubled year-on-year, with the business recently achieving quarterly profitability.

The platform allows users to make purchases using either immediate payment options or interest-free credit that can be repaid over six weeks or three months. 

When customers choose the immediate payment option, they can earn up to 5% cashback and rewards.

Philip Belamant, Co-Founder and CEO of Zilch, says: "Over the past 12 months, we've seen phenomenal momentum: in five years we've saved customers over £750m in fees and interest, never charged a late fee, hit quarterly profitability and driven over £4bn in sales for brands - all while cutting their advertising costs by 50% and converting 10-20x better than Google and Meta."

Technology and business model

The company describes itself as an ad-subsidised payments network (ASPN), a model that generates revenue from advertising rather than solely relying on consumer fees. 

This approach allows Zilch to offer services with reduced or no cost to consumers while generating income from merchants and advertisers.

In 2023, Zilch launched its proprietary ASPN service, which connects merchants with Zilch's customer base while offering personalised savings and discounts to users based on their spending habits.

Belamant says the company is using artificial intelligence to improve its underwriting processes and help brands deliver personalised offers to consumers. The technology aims to convert advertising revenue into consumer benefits, including lower costs and enhanced rewards.

“Today, Zilch is re-inventing credit from the ground up. By using the latest AI technology, we're not just underwriting smarter, we're helping brands deliver real-time, personalised offers at scale. 

“And with every payment, we're turning advertising revenue into something meaningful: lower costs and better rewards for our customers,” says Philip.

Market position and financing

The announcement coincides with the launch of Zilch's largest advertising campaign to date, which positions the company as a payment provider offering comprehensive consumer benefits under the slogan "Spend with benefits."

In October 2024, Zilch increased its securitised debt deal to £150m (US$197m)  with a total facility of £400m (US$527m), led by Deutsche Bank and two global investment funds. The company said this financing will enable it to drive £10bn (US$13.2bn) in annual commerce for retailers.

The firm has been regulated by the Financial Conduct Authority (FCA) since April 2020, when it obtained a consumer credit licence through the Regulatory Sandbox Programme, which allows businesses to test innovative products in a controlled environment.

In January 2023, Zilch established a reporting agreement with UK credit reference agencies that enables adults to build credit records using interest-free credit rather than high-interest revolving credit products.

"With nearly 1 in 7 adults in the UK holding a Zilch account, our customers are telling us they want more than just credit – they want all the regulatory protections, full transparency, flexibility to spend anywhere and more than anything value whenever they pay. That's what Zilch delivers," concludes Philip. 

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