British start-up Zilch, which is providing services in BNPL (“buy now, pay later”) segment has raised $110 million in a fresh round of funding, raising company’s valuation at $2 billion.

Citing CNBC, Frank Media writes that eight months ago following the results of the last investment round the company was valued at $500 million, thus over this time the company raised its value four times. The company has already set up an office in Miami.

Zilch is hoping its approach to BNPL will help it stand out from the other online installment services. So, unlike Klarna, Afterpay and Affirm who offer their services on the websites of some retailers, Zilch lets users pay through any service that accepts Mastercard.

Philip Belamant, Zilch’s CEO and founder, said the start-up chose that path because all BNPL companies “look exactly the same.”

“I’m not saying they’re bad businesses but they’re just copycats. We’re actually using the incumbents’ entrenched principles against them. We’re going direct to consumers and saying you can buy now, pay later anywhere you like,” Belamant said.

To note, there has been an increased interest in BNPL services lately. In summer 2021 American payment company Square, headed by Twitter founder Jack Dorsey, and Australian online lending firm Afterpay agreed on an USD 29bn acquisition deal for all of the issued shares in Afterpay.

We reported in September that PayPal has agreed to acquire Paidy, a Tokyo-based buy now, pay later group, (BNPL) for $2.7 billion. And in October Mastercard announced that it would launch Mastercard Installments BNPL in the markets of the U.S., Australia and the UK making BNPL service available to the consumers.

And recenetly two major fintech start-ups – U.S. Stripe and Swedish Klarna – announced partnership within the framework of which Stripe will allow its customers – retailers – integrate Klarna’s “buy now, pay latyer” paytment methos in their online stores.

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