Zilch bags payments licence

Zilch, a UK-based buy-now-pay-later (BNPL) fintech company, has secured a payment services license from the UK's Financial Conduct Authority (FCA). This pivotal development is set to reduce Zilch's dependence on external entities and enable the company to develop payment solutions internally, potentially accelerating innovation within its platform. The news signals a strategic shift towards greater control over its payment infrastructure and future product offerings. The newly acquired license allows Zilch to build more payment methods in-house, enhancing its operational efficiency and time-to-market for new products. Further bolstering its position, Zilch has also achieved "Principal Membership" with Visa, solidifying the partnership after Visa replaced Mastercard as Zilch’s card network partner earlier this year. Zilch, backed by investors like Goldman Sachs and eBay, also recently completed a funding round of over $175 million, which aims for future acquisitions. This move directly impacts Zilch's existing five million customers and positions the company to compete more aggressively in the rapidly evolving fintech market. The ability to control its payment processes will allow Zilch to roll out features like its one-click checkout, Zilch Pay, more effectively. This strategic shift is vital, especially considering the competitive European fintech landscape and the push for digital sovereignty. With these advancements, Zilch is now better positioned to shape its future and navigate the evolving regulatory environment. The company's expansion plans, including the full rollout of Zilch Pay next year, will be critical to its continued growth and success.