Zilch boss ‘feels good’ on $2bn IPO valuation

Philip Belamant, Zilch's CEO, expressed confidence that the fintech will maintain its $2 billion valuation in the public markets, as it prepares for an IPO in the second half of next year. The company is receiving support from both current and potential investors who see its growth trajectory. Zilch began discussions with banking firms to explore a public market debut, though no banks have yet been appointed for the potential listing.

Belamant confirmed that the company "feels pretty good" about its current trajectory, emphasizing the need to meet targets, continue growth, and let the market speak.

In the recent financial year, Zilch reported a 36% revenue increase to £147.5 million and a 28% growth in gross merchandise value to £2.4 billion. However, statutory pre-tax losses nearly tripled to £36 million compared to £12.5 million in the previous year. The CEO attributed this to significant infrastructure investments and non-cash charges related to equity incentives.

Statutory losses were largely stable, but the company set aside more cash for sour loans due to high customer growth and expanded borrowing products. Adjusted profit before tax was slightly higher at £5.3 million compared to £1.2 million the prior year.

Zilch, founded in 2018, has already attracted notable investors such as Goldman Sachs, Deutsche Bank, and venture capital arms of the Daily Mail and Ebay. The London Stock Exchange views Zilch as a top candidate for a London IPO, potentially occurring in late 2027 or early 2028. While New York and Europe are also potential listing locations, Zilch's growth and success make it a strong contender, particularly as the London Stock Exchange has struggled to attract similar high-growth tech firms.