The valuation of British fintech firm Zilch, founded by Philip Belamant, has risen to $2bn following a strategic shift in focus towards the UK market. This decision marks a significant departure from initial plans to expand into the US, where Zilch had launched its buy now, pay later (BNPL) service to over 150,000 Americans in 2022.
According to industry sources, Belamant's ambitions for overseas growth were tempered by advice from TS Anil, former boss of Monzo, who cautioned that a 'closer to home' focus would be more prudent. This wisdom was borne out when Monzo itself retreated from the US market in 2023.
Belamant's growing influence within the industry is reflected in his role as co-founder and guiding light of the UK's Unicorn Council, a collective of fintech leaders representing a combined value of $150bn. His advocacy extends beyond industry meetings, with Belamant engaging directly with political figures to push for fintechs to be central to government policy-making.
During UK Fintech Week, Belamant and other industry leaders met with then-City minister Lucy Rigby and the Financial Conduct Authority (FCA), discussing complex issues such as unlocking pension funds to stimulate UK capital investment. Zilch's representatives were praised for their clear articulation of the challenges.
In a further demonstration of its growing 'industry pull', Zilch convened a roundtable attended by FCA chief executive Nikhil Rathi, focusing on accelerating regulatory progress to bolster the UK's global standing in fintech. One industry source described Zilch as 'one of the few industry companies that will say the quiet part out loud,' positioning it as a 'fintech North Star' for its forthrightness in addressing industry challenges.