Zilch Begins Banker Talks for London Stock Exchange Listing, Targeting Late 2027
Zilch Begins Banker Talks for London Stock Exchange Listing, Targeting Late 2027 #
UK buy now, pay later firm Zilch has begun early planning for an initial public offering on the London Stock Exchange, with a listing in the second half of 2027 or early 2028 considered the most likely target, according to people familiar with the company’s plans.
The London-founded payments firm has invited investment banks to pitch for roles on the potential listing, which could value the company at around $2 billion. Zilch held that valuation through a 2021 funding round and again through a £134 million raise completed in 2025, led by Czech investment group KKCG alongside BNF Capital and other backers. London is described as the preferred venue, but sources told City AM that New York and European exchanges are also under consideration, with formal banker conversations expected to begin in the weeks ahead.
A Zilch spokesperson declined to comment, telling Payment Expert the company is “not commenting on market speculation.”
Founded in 2018 by CEO Philip Belamant, Zilch is a consumer-focused BNPL lender. The company counts Goldman Sachs and Deutsche Bank among its investors, alongside the venture capital arms of media group Daily Mail and eBay. Belamant has previously signalled openness to a public listing but has also called on London policymakers to do more to attract and retain domestic tech listings.
The IPO preparations follow what Zilch has called a “transformative” period. Over the past year, the company secured an electronic money institution licence from the Financial Conduct Authority and announced the acquisition of Lithuania-based Fjord Bank, a deal intended to accelerate its expansion into European markets and give the group a full banking licence on the continent.
The potential listing comes as the London Stock Exchange has struggled to attract high-profile technology floats in recent years. Rivals such as Wise have shifted their primary listings to the US, and Klarna, Zilch’s most prominent global BNPL competitor, chose New York for its own IPO. A commitment from Zilch to list in London would be seen as a vote of confidence in the City’s capital markets.
Analysts have noted that Zilch is already compliant with the UK’s recently enacted BNPL regulations, which impose new affordability and transparency requirements on the sector, giving it a head start over newer entrants that could appeal to public market investors focused on regulatory risk.
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