The boss of Zilch has said the fintech is confident of maintaining its $2bn valuation on the public markets, as it gears up for an IPO as soon as the second half of next year.

Philip Belamant, chief executive of Zilch, told City AM the business was “getting a lot of support” from current and potential investors, who can see where the group is “moving to”.

Zilch called in bankers in recent months as it began talks over a highly-anticipated public market debut. No bankers have been appointed to work on a potential listing yet, City AM understands.

The fintech was valued at $2bn (£1.5bn) in 2022 and has maintained the price tag in subsequent funding rounds. 

When asked whether he was confident this would hold up on the public markets, Belamant said “the short answer is we believe so”, adding the company “feels pretty good” about its current trajectory.

“We have a strong relationship with reality, and ultimately we know we need to hit our numbers, we need to keep growing and we obviously will let the market speak.” 

Zilch, which was founded in 2018, counts Goldman Sachs, Deutsche Bank and the venture capital arms of both the Daily Mail and Ebay among its investors.

Zilch sets aside more cash for sour loans as volumes rise

The comments come after a growth spurt in its most recent financial year. Revenue surged 36 per cent to £147.5m, while gross merchandise value, the monetary value of goods sold through Zilch services, grew 28 per cent to £2.4bn.

But its statutory pre-tax losses nearly tripled to £36m, compared to £12.5m in the year prior.

“The key thing for this year is this was a big infrastructure build-out year for us as a business,” Belamant said.

He pointed to upfront investments including IT overhauls and the takeover of Lithuanian Fjord Bank, as well as non-cash charges from equity incentives.

Credit impairments jumped 66 per cent to £45.5m as the fintech set aside extra cash for sour loans, driven by rapid customer growth and a push into longer-dated borrowing products.

“When you look at losses, losses are stable… What’s happening here is we’re a much bigger business, we’re originating more volume,” Belamant said.

On an adjusted basis, the bank’s loss before tax was £5.3m, widening from £1.2m the year prior. 

Belamant said in the new financial year, which kicked off in April 2026, Zilch was “well ahead of Budget” and secured two quarters of adjusted profit before tax.

The fintech has long been viewed as a top candidate for a London IPO and has been courted by Treasury and stock exchange officials.

City AM previously reported London was viewed as the early favourite for the listing, likely to take place in late 2027 or early 2028. But New York and Europe also remained on the table.

The listing would mark a major boost for the London Stock Exchange, which has struggled to attract high-growth tech firms. Zilch’s rival Klarna opted to list in New York last year. 

The fintech arm of telecommunications giant Airtel Africa floated at £5.3bn on the City market in October, making it the biggest primary-listed IPO since 2021.