London-based payments firm Zilch is leaning towards a listing on the London Stock Exchange. The company is preparing a potential IPO and is expected to open talks with banks in the coming weeks.
According to City AM, which cites people familiar with the matter, the listing is likely to take place in the second half of 2027 or in early 2028. The Financial Times first reported that Zilch had begun discussions with bankers. New York and continental Europe are also being weighed as venues, the sources said.
The company has previously held a $2 billion valuation. CEO Philip Belamant said last year that Zilch maintained that figure in its 2025 funding round of £134 million, the last time it raised capital. Any IPO valuation has yet to be determined. One insider described the $2 billion price tag as “well-earned.”
A Zilch spokesperson said: “After a transformative 12 months for the business, we are fully focused on executing our strategy which is delivering impressive growth, with all strategic options remaining open.”
Financial performance
In its latest financial year, Zilch recorded a loss of £10.5 million, a 79% reduction on the previous year. Revenue for the year ending March 2025 rose 93% to £110.3 million. Zilch is due to publish its latest earnings in the next few weeks.
Funding and investors
Zilch was founded in London in 2018. Its investors include Goldman Sachs, Deutsche Bank and the venture capital arms of Daily Mail and eBay. In November 2025, the company secured more than $175 million in combined debt and equity funding. The round was led by KKCG, with participation from BNF Capital and other unnamed strategic investors. It included an expansion of a Deutsche Bank-led $100 million securitisation facility first established in June 2024. At that time, Belamant said an IPO could take place within 12 to 24 months.
Zilch serves more than 5.3 million customers through partnerships with retailers including Amazon, eBay, Tesco and Sports Direct. The company has facilitated more than £5 billion in transaction volume. It said the latest funding would go towards brand marketing, platform enhancements, product development and potential overseas M&A.
London listing conditions
Belamant has previously set conditions for a London listing. In 2024, he said Zilch wanted to see “pension funds investing in high-growth British companies” and “incentives for retail investors to buy and hold British stocks.” He added: “If this all happens, I’m not sure why you wouldn’t want to list on the LSE… if it doesn’t happen then we have to take the appropriate decision and that might be to go somewhere else.”
Market context
A Zilch debut would be a boost for the London Stock Exchange after a quiet period for new listings. City AM notes that the only sizeable IPO in London so far this year was that of the Uzbek National Investment Fund, UzNIF. African fintech Airtel Money is also expected to list in the coming weeks.
It was previously reported that Zilch had sought to reposition its brand away from the buy now, pay later label after rival Klarna’s share price fell following its IPO in September 2025. In July, the firm partnered with Rezolve Ai to bring personalized retailer offers directly into the Zilch payments app used by nearly 6 million customers.
