Zilch To Launch Its Initial Public Offering Next Year
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Zilch, a British buy now, pay later (BNPL) service, Zilch, has hinted that it could launch an initial public offering (IPO) for its platform next year.
However, the company has not chosen a platform to run the IPO. Zilch is still in talks with several venue providers such as the London Stock Exchange (LSE), the New York Stock Exchange (NYSE), and Nasdaq, according to its Chief Executive Officer, Philip Belamant.
Zilch Is Set To Become Cashflow Positive
Belamant also stated that Zilch is looking to become profitable from next month, as it expects to become cashflow positive this year. The platform has more than 4 million customers it serves.
The company wants to start offering longer[-term loans as well as its advertising sales services to third parties in the future. In a funding round in 2022, Zilch Technology was valued at $2 billion. Since then, the company has grown and expanded in operations and number of customers.
The plan for the launch of an IPO first began in September last year, when the company’s executives appeared at the LSE to celebrate the company’s third anniversary.
Zilch stated that last month it rolled out a new credit payment feature that enables customers to extend their interest-free repayments over three months. The platform has already tested the product with more than 100,000 Zilch customers at the time.
Belamant also stated that the launch is a deliberate process to transform Zilch to go closer to its objective of gaining the total share of wallet.
The newly introduced payment option is geared at encouraging purchases at emergency moments, such as repairs, buying car tires, and electronics. The platform is focused on improving the lives of customers and making them stay confident when making purchases.
Zilch Wants To Continue Offering Value To Customers
Zilch recently rolled out a new credit product called Zilch Up. According to the company, it will encourage customers who are usually excluded from mainstream credit. The new product offers credit limits from as low as $61. It also adds features that will enable them to increase their credit limits and expand their credit scores.
Zilch says one of its goals is to create consistent value for customers, which is what makes its buy now, pay later products unique from other competitors in the same industry. The company says it will continue offering protection to customers while adhering to its regulatory duties.
