British fintech firm Zilch says it's raised $125 million in debt from Deutsche Bank to help it further its path toward an eventual initial public offering.
British online payments firm Zilch says it has raised $125 million in debt financing from Deutsche Bank in a deal that will help the company triple sales in the next couple of years and move closer toward an IPO.
The company, which offers shoppers the ability to purchase items and pay off the debt they owe in monthly, interest-free installments, said the debt was structured as a securitization, where multiple loans can be packaged together.'s private credit arm. The company said the deal with Deutsche Bank came with more flexible terms and would enable it to draw down up to £250 million of credit in total — including from different banks.
The move is a sign of how buy now, pay later upstarts are continuing to double down on their products and loan growth, even as larger incumbent players in finance and technology are bowing out of the once-buzzy market.Belamant said that with additional capital of £100 million, the firm's path toward an IPO will likely be accelerated, with Zilch currently aiming to go public in the next 12 to 24 months.
Zilch has three key ways of making money. The first is through interchange fees, where card networks charge merchants' bank account each time a consumer makes a payment. The second is commission fees, where merchants pay to appear on Zilch's app.
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