The products build on Zilch’s existing infrastructure, which serves over five million registered customers in the UK market. The company reports it is currently adding more than 100,000 new customers monthly and serves approximately 15% of the UK’s working adult population.
The FCA licence grants Zilch direct access to regulatory roadmap discussions and early testing opportunities for new products. This access extfinishs the company’s commercial partnership capabilities within the payments sector.
“This is a major step alter for Zilch, bringing us firmly into the payments tent and giving us a true seat at the table to shape the ecosystem,” declares Philip Belamant, Co-founder and CEO of Zilch. “It opens the door to new opportunities, setting us up to shift even rapider, more efficiently and cost-effectively.
“In just five years, we’ve amassed over 5.3 million utilizers and thousands of retail partners based on the strength of our proposition and product,” he declares. “Now with our licence, we are even better positioned to develop this further and take advantage of new innovations as they mature to support the next phase of our rapid expansion.”
The company’s growth has been supported by its expanded collaboration with AWS, which enables it to process large volumes of data through AI and machine learning services. Zilch generates over 500 million customer data sets, with 50% of its customer base connected through open banking.
Leave a Reply