Zilch has secured a new payments services licence that will allow it to develop in-house payment methods ahead of a major product launch.
The firm said that the licence, granted by the Financial Conduct Authority (FCA), will remove its reliance on third-parties when building payment methods and new products.
The licence has been secured ahead of the planned launch of Zilch Pay, which will go live in the first half of next year.
“This is a major step change for Zilch, bringing us firmly into the payments tent and giving us a true seat at the table to shape the ecosystem”, said Philip Belamant (pictured), co-Founder and chief executive of Zilch.
“It opens the door to new opportunities, setting us up to move even faster, more efficiently and cost-effectively.
“Now with our licence, we are even better positioned to develop this further and take advantage of new innovations as they mature to support the next phase of our rapid expansion.”
The licence follows a busy couple of months for the firm, which in November secured an investment of more than £100m and signed a major partnership with Arsenal FC.
Parallel to the granting of the licence, Zilch has secure Principal Membership of Visa, opening the door to new collaborative opportunities with the payments giant.
“We’re excited to continue supporting Zilch’s growth to bring new, cutting-edge solutions to the UK market,” said Mark Berry, head of UK Clients at Visa.
“Working together, we can deliver smarter ways to pay and be paid for people and businesses across the UK at scale.”
