Buy Now, Pay Later (BNPL) firm Zilch has secured $50 million in funding, bringing the total raised by the company in this latest round to $160 million.

The latest cash injection brings the London-based FinTech’s total funding to over $460 million in debt and equity, meaning the company maintains its existing valuation.

Zilch said that the new capital will be used to fund business growth, with a focus on the US market.

Zilch announced last month that it was launching in the US.

The company, which will base its US operations out of a new headquarters in Miami, said that it is launching with over 150,000 pre-registered customers.

“In a world of rising interest rates and inflation, it has never been more important for customers to have access to a payment product that they can depend on for savings, deals and cash flow management with no interest or late fees of any kind," said Philip Belamant, chief executive and co-founder, Zilch. "Open Banking data shows how customers of all ages are migrating away from traditional high-cost credit cards or overdrafts in favour of services like Zilch - saving them millions.

"This extension is a great endorsement of our unique model as well as our investors' belief in our ability to deliver on our mission to create the worldʼs most empowering way for people to pay for anything, anywhere.”

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