Payments platform Zilch has secured a payments service licence from the Financial Conduct Authority (FCA).

The FinTech said the move would remove its reliance on third-parties as well as build more payment methods in-house.

Additionally, Zilch said the new licence will enable it to bring new products to market at a faster pace and innovate quickly as new technologies, such as stablecoin, enter the market.

Zilch claims that FCA licences have become increasingly difficult to secure, raising the bar for payments firms to ensure only the highest standards are met.

The company added that it was subject to even greater scrutiny, similar to that of a new bank.
Philip Belamant, co-founder and chief executive of Zilch said the licence will open the door to new opportunities as well as allow the firm to be more efficient.

“In just five years, we’ve amassed over 5.3 million users and thousands of retail partners based on the strength of our proposition and product,” he added. “Now with our licence, we are even better positioned to develop this further and take advantage of new innovations as they mature to support the next phase of our rapid expansion.”

Alongside the licence, Zilch said it has deepened its relationship with Visa following the launch of its first physical card last month.

Zilch has now secured principal membership of Visa for the first time, which the company said will enable it to explore new opportunities to collaborate with the company on payments using technology such as agentic commerce.

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