Consumer loans-focused FinTech Zilch is in the process of lining up investment banks in preparation for an initial public offering (IPO) as soon as next year, the Financial Times has reported.

Citing people familiar with the matter, the paper said that Zilch has invited banks to pitch for roles on its flotation on the London Stock Exchange (LSE). The people cautioned that the discussions were in early stages and plans remain subject to change.

The move is a major step towards a public debut for Zilch, which told Bloomberg in 2024 that it was considering an IPO the next year amid an expectation of achieving profitability. In its last financial year to March 2025, the company came closer to that goal, losing £10.5 million, down from £50 million the year before.

People familiar with the matter told the FT Zilch was aiming to be profitable by the time it lists next year.

It was previously valued at $2 billion at a 2021 funding round and has managed to maintain that valuation in subsequent rounds, the people said.

However, they warned the paper that Zilch would be unlikely to achieve that peak valuation at its IPO.
The company has received backing from big names across technology and finance, raising funds from the likes of eBay, Goldman Sachs and DMG Ventures, the Daily Mail and General Trust’s investment fund.

Founded in 2018, Zilch now boasts nearly six million customers and offers products including zero-interest loans and buy-now-pay-later services. In January, Zilch agreed to acquire Lithuanian challenger bank Fjord Bank in a move intended to bolster its European expansion.

Zilch listing on the LSE would also provide a further boost to the exchange, which has struggled in recent years to attract high-profile debuts despite shifting fortunes in recent weeks.

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