Zilch Reports First Monthly Profit in July

British fintech firm Zilch has reported its first-ever month of operating profit and surpassed a revenue run rate of $130 million (£100 million), achieving this milestone within just four years of its launch. This rapid growth positions Zilch favorably among competitors like Klarna and Block, and it marks a significant achievement as many fintechs have struggled to reach profitability. CEO Philip Belamant emphasized that Zilch succeeded by focusing on growth rather than cost-cutting, saving its 4 million customers over half a billion dollars in fees. The company also announced the appointment of former Aviva CEO Mark Wilson to its board, which Belamant sees as instrumental for future success as Zilch prepares for a potential initial public offering. Zilch's operating profit and revenue achievements are especially notable given industry averages that suggest it typically takes tech companies 8-10 years to reach such financial milestones. Zilch has doubled its revenue year on year, showcasing its strong market position in the buy now, pay later sector.