London-based Zilch, the fastest fintech to reach double unicorn status, today announces it has surpassed 2 million customers – with record registrations of more than 425,000 new customers in December.
By the same growth stage since launch, Zilch has reached this milestone faster than other popular fintech unicorns like N26 and Revolut, which took 41 and 67 months respectively.
Just 6 months since Zilch reached its first 1 million customers – where it equally outpaced the likes of high-growth companies including NU, Robinhood, Wise and Afterpay (recently acquired by Block Inc. for $29 billion). Zilch’s internal data shows core customers are using their Zilch card on average 8 times per month. This means the frequency of spend by the business’ core customers is heading towards 100 times per year, a testament to Zilch’s value flywheel of payments features such as Tap & Pay over time, which allows customers to pay debit or credit anywhere Mastercard is accepted both online and offline.
In fact, the release of this feature has been so widely adopted by Zilch users that nearly 40% of the fintech’s daily sales are now processed through Tap & Pay. Zilch’s internal data suggests at its current run-rate of GMV, every year Zilch is saving customers $50m in potential fees and interest if the same payments had been used via traditional high-interest bearing credit cards.
Philip Belamant, CEO and Co-Founder, at Zilch, “We’re working day and night to create the most ubiquitous payment product the world has ever seen. Offering our customers the most convenient and responsible way to purchase anything, anywhere. Customers can pay in 1 and earn cashback, using that cash back to discount future purchases or pay over time in 4, with zero-interest credit. Never before in the history of payments have we seen so much value created for customers each and every time they transact, this is why we see Zilch resonating deeply with customers. It’s truly about giving consumers greater value, visibility and control over their finances. We believe it’s also why Zilch’s customer-centric product has become the highest rated and most reviewed product of its kind on Trust Pilot with more than 37,000 reviews.”
“With the recent surge in the cost of living, people need a product that works in their interest. In December 2021 alone, we provided over $5 million in cashback & rewards to our customers, just at a time when it most counts. It’s testament to our growing international team and the unique customer-centric approach that we’ve pioneered. We aren’t stopping here and are excited about our imminent US debut.”
Zilch allows its customers to pay on debit or credit anywhere. Cashback, discounts and short, fixed term, manageable levels of interest-free credit can be used anywhere, anytime, with complete visibility and direct communication of live spending via their Zilch app. To do this, Zilch’s in-house technology uses a per-transaction affordability assessment that’s always proportionately programmed to each customer and unlike credit cards, is updated with each spend. Zilch offers its customers the best ways to pay – credit or debit – save money and get cash back – plan repayments with reminders and/or even deferred instalments (snooze their payment) at no cost.