Zilch, the world’s first ad-subsidized payments network (ASPN), has announced its first month of operating profit while surpassing a revenue run rate of over $130 million (£100 million). These significant milestones come just four years after launching its innovative consumer payment platform. Zilch also revealed the appointment of Mark Wilson, former CEO of Aviva and AIA and current BlackRock Board member, to its Board of Directors.
Zilch reached profitability and exceeded a $130 million revenue run rate in July 2024, placing it among the ranks of European fintech leaders like Revolut, Starling Bank, and Monzo. All four companies hit similar revenue milestones within three to five years of operation. Zilch nearly doubled its revenues in the year leading up to March 2024, significantly outpacing the average tech company, which typically takes 8-10 years in the US, 15 years in Europe, and 17 years in the UK to reach $100 million in revenue.
Philip Belamant, CEO and co-founder of Zilch, commented, “This milestone is a game-changer for us. Achieving profitability is a challenge for many fast-growing companies, and I am incredibly proud of our team for reaching this goal ahead of schedule. Unlike others who have cut costs to become profitable, we’ve doubled our revenue year after year, expanded our team, saved our 4 million customers over half a billion dollars in fees and interest, and generated over $3 billion in new sales for our merchant partners through our ad-subsidized payments network.”
“In a highly competitive market, Zilch has stood out from the start by prioritizing customer relationships, leading in regulation, and providing real credit profiles, savings, and value where others have not. We’re extremely optimistic about the future, recognizing that this is just the beginning,” Belamant added.
Zilch is now leveraging AI to fully harness four years of first-party consumer data, offering more precise and personalized solutions. This deep understanding of users’ needs allows Zilch to convert sales for advertisers up to 10-20 times more effectively than traditional search and social platforms. As a result, customers engage with the Zilch app daily, driving unprecedented engagement and conversion rates, which continues to attract major merchants to redirect their ad budgets to Zilch’s platform, ultimately benefiting customers with better deals, discounts, and subsidies.
Mark Wilson, commenting on his new role, said, “I am thrilled to join Zilch at this pivotal moment. Under Philip’s visionary leadership, Zilch is revolutionizing consumer finance with an innovative and responsible approach that reduces finance costs for customers and meets a growing societal need. I look forward to working with the Board to help Zilch achieve sustainable success as a category leader.”
Serge Belamant, Chairman of Zilch, remarked, “As Zilch’s Chair, I am delighted to welcome Mark. His commitment and expertise will complement our current team and guide the company in its mission to provide affordable credit and rewarding debit as part of our vision for financial inclusion. Mark’s extensive experience leading global financial businesses will be a tremendous asset as Zilch continues its rapid growth and market expansion.”
