The investment, revealed in Companies House filings and first reported by The Telegraph, is in the low single-digit millions. Zilch maintains the $2 billion valuation it secured during its Series C round in late 2021, a mark it hit just two years after launching in beta. Over the summer, CEO Philip Belamant said the firm, which claims around 3.5 million customers, is "seriously" considering a listing.

Says Belamont: “In Zilch’s financial year to March 2023, sales doubled, revenue tripled and gross profit increased fivefold to over £17 million. That’s despite a tough trading environment, a cost-of-living crisis and soaring interest rates. With a strong balance sheet, Zilch is in growth mode and on course to hit bottom-line profitability in our core business in the near future.” FCA research published this week shows that 27% of UK adults (approximately 14 million) have used BNPL at least once in the six months prior to January 2023. This is up from 17% who said they had used it in the preceding 12 months in May 2022.  While the government ponders the introduction of tough new rules for BNPL firms, Zilch has taken a proactive approach, reporting to credit agencies and integrating tools from debt advice charity StepChange into its platform.