Key facts
- Zilch founder Philip Belamant has become a key influencer in the UK fintech industry, engaging with government and regulators.
- The company, valued at $2bn, has shifted focus from US expansion to strengthening its position in the UK market.
- Belamant and his chief business officer Ryan Mendy were instrumental in co-founding the UK's Unicorn Council.
- Zilch achieved over £100m in revenue last year, marking a 93% year-on-year increase.
- The fintech was named Europe's fastest-growing fintech unicorn by Deloitte for the second year running.
- Zilch has pivoted from its buy now, pay later image, seeking to differentiate itself from competitors like Klarna.
Zilch founder Philip Belamant has emerged as a significant power broker within the UK fintech industry, leveraging his company's growth and strategic engagement to influence government policy and regulatory discussions. Despite initial ambitions for substantial overseas expansion, particularly in the US, Zilch has recently curtailed its international operations to concentrate on its domestic market.
Belamant, along with Zilch's Chief Business Officer Ryan Mendy, played a key role in co-founding and steering the UK's Unicorn Council, a collective of fintech leaders. This involvement has provided Zilch with a prominent voice and access to high-level discussions, positioning it alongside larger competitors like Monzo and Revolut.
Zilch's influence extends to direct engagement with government bodies. The company participated in meetings with the Treasury and the Financial Conduct Authority (FCA) during UK Fintech Week, contributing to discussions on unlocking pension funds for investment and accelerating regulatory progress. Belamant also convened a separate roundtable with FCA chief Nikhil Rathi, focusing on enhancing the UK's global standing in fintech.
Financially, Zilch has demonstrated significant growth, securing a $2bn valuation in 2021 and reporting over £100m in revenue last year, a 93% increase. The company was recognized by Deloitte as Europe's fastest-growing fintech unicorn for the second consecutive year. However, this rapid scaling has been accompanied by internal restructuring and cost-saving measures, including a hiring freeze in 2023.
In a strategic pivot, Zilch has also sought to distance itself from the buy now, pay later (BNPL) sector's 'Wild West' reputation. While it was an early adopter of regulation, securing its consumer credit license in 2020, the company is now aiming to shed its image as a direct competitor to Klarna, especially following Klarna's challenging IPO performance.