London fintech Zilch is today moving into shiny new offices in Victoria as the buy now, pay later business gears up for major expansion ahead of a potential IPO later this year.
The firm has upgraded to a 18,500 square foot site, more than double the size of its old office, allowing more desk space for an expanded workforce. CEO Philip Belamant said he and colleagues had to “wheel down the street” a statue of a unicorn to get it to the new site. The unicorn had been bought to mark the firm hitting a billion-dollar valuation, a milestone it achieved in 2021.
“We’re going to be investing north of £70 million over the next few years [and] we continue to hire aggressively,” Belamant said, adding that he was working with advisers to draw up IPO plans as well as looking at strategic acquisition opportunities.
The expansion comes amid signs of a resurgence of activity in the London fintech industry, a reversal of a period of layoffs and slower growth last year. Earlier this month, HSBC said it was launching a new money transfer app to compete with upstart rivals, while Dutch neobank Bunq said it was setting up shop in London again after withdrawing services to customers in the UK following Brexit.
“Last year the market disappeared, nothing was happening at all [but] we’re watching keenly to see what’s happening now,” Belamant said.
“The market has readjusted, people have to be realistic, they have to take a long look at their strategy: do you have the firepower?
“2024 will be catalytic for Zilch. We can build equity value for shareholders post IPO and we’re better off doing that sooner rather than later."
