Buy Now, Pay Later (BNPL) firm Zilch has secured £100 million in securitised debt financing arranged by Deutsche Bank.

Zilch said that the move will enable the company to grow its business and help it create and launch new products for a broader base of customers.

The announcement comes as Zilch works towards a future IPO.

The FinTech said that in its four-year history it had achieved “remarkable” growth and is processing over 10 million monthly payments from a customer base of over four million.

"With this new securitisation, we’re poised to triple sales volumes and achieve significant capital efficiencies as we continue to drive billions in commerce to our retail network and, in turn, hundreds of millions in savings and subsidies to our customer base,” said Philip Belamant, chief executive officer and co-founder of Zilch. “This partnership not only provides an excellent opportunity for debt investors to join in Zilch’s success, but it also enables us to accelerate the rollout of our feature roadmap which will broaden wallet and market share.”

He went on to say that Zilch is adding more than 100,000 new customers every month and doubling revenue year over year, with the financing deal allowing the company to “build upon that momentum.”

A year ago, Zilch announced it had secured $50 million in funding to fuel further business growth.

At the time, the company said the new capital would be used to fund business growth, with a focus on the US market.

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