Reports have emerged that UK fintech firm Zilch is planning an IPO in London next year, following a year of growth.
Zilch, the UK fintech which offers buy now, pay later (BNPL) services, is reportedly planning an initial public offering on the London Stock Exchange next year.
The company has sounded out investment banks to assist in its potential public listing in 2027, according to sources familiar with the matter cited by The Financial Times.
Zilch told Payment Expert after reaching out for comment that it is “not commenting on market speculation”.
The UK fintech firm was being touted for a public listing for 2026 after raising $175m in a funding round, led by KKCG, alongside backers BNF Capital and other unnamed strategic investors.
The funding round in November 2025 saw Zilch maintain a $2bn valuation, which was reached after a 2021 funding round.
Zilch said it is focused on delivering on its growth strategy after a “transformative 12 months” which saw it secure an electronic money institute (EMI) licence from the UK’s Financial Conduct Authority (FCA), as well as the acquisition of Lithuania-based Fjord Bank to accelerate its European expansion.
A Zilch spokesperson said in a statement sent to Payment Expert: “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.
Zilch’s financial position
For the financial year 2025, Zilch achieved a 93% increase in revenue of £110.3m, compared to £57.1m the previous year.
Gross profit was up by 143% from the 2024 financial year, from £22.4m to £54.5m, with gross margins improving to 49% from 39%.
The company operated at a net loss after tax of £10.5m, which was a 79% reduction from £50.1m the year before. Zilch’s operating losses in 2025 narrowed to £5.1m, an improvement from the £33.1m losses in 2024.
Within its payment figures, Zilch’s gross merchandise value reached £1.9bn as customers spent, on average, over £2,300 per customer, a 27% increase from the year before. Average order frequency also rose to 57.0x from 51.5x.
Adjusted operating cash flow was £15m for FT 2025, recovering from an outflow of £32.9m the previous year.
A win for London and a viable Klarna competitor?
If Zilch does pursue a public listing on the London Stock Exchange (LSE) next year, it would surely be viewed as a win for those investors based in the City.
The LSE has been unsuccessful in garnering the interest of fintech and payment companies to list on its exchange in the last several years, which has seen investment in the UK sector continue to dwindle since pre-Covid peak levels in 2021.
In August 2026, the FCA announced plans to simplify the IPO process, removing the seven-day waiting period between publishing a prospectus and releasing connected research.
This came after UK-based firms such as Wise opted to move its primary listing off the LSE and to the US, whilst the City was unable to attract the interest of BNPL leader and Zilch competitor Klarna, as it opted to move its public listing to the US.
