London-based fintech group Zilch, known for its buy now pay later style flexible payment service, has secured an investment of $176.7m (£134.2m).
The joint equity and debt round, led by investment group KKCG, follows the launch of new major products from the company – Intelligent Commerce, an AI platform that turns engagement data into real-time insights for businesses and Zilch Pay, a one click checkout experience set to launch in the first half of next year.
“In just five years, we have rewired the relationship between brands and their customers, offering a different way to pay that brings mass benefits to both consumers and merchants,” said Philip Belamant, chief executive of Zilch.
“Our newly launched products are already driving outsized growth, and with the support of a world-class group of debt and equity investors, we’re well positioned for the next phase of expansion.
“In a market where many have found raising capital difficult, the network and strategic leadership of my co-founder, Sean O’Connor, have been instrumental in helping us achieve this outcome and we are excited for the year ahead.”
The company said the new funds will be invested in driving greater brand visibility, further product development and the exploration of merger and acquisition options.
“Zilch’s impressive track record demonstrates that its approach to using technology to challenge the status quo and re-engineer the credit landscape delivers exceptional value for consumers and businesses,” said Karel Komarek Jr., chief executive of KKCG US Advisory.
“We’re looking forward to being part of this exciting next stage of their journey.”
Other participants in the funding round include BNF Capital and a handful of unnamed strategic investors. The raise also included the expansion of its securitisation led by Deutsche Bank.
