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Zilch founder Philip Belamant has emerged as a central figure in the UK’s fintech sector, positioning his $2bn payments firm as a primary liaison between the industry and government regulators. By pivoting from a pure buy now, pay later (BNPL) model and securing a foothold in domestic policy discussions, Belamant has transformed Zilch into a significant voice within the UK’s financial landscape, despite the company’s smaller scale compared to industry giants like Revolut and Monzo.
The company’s strategic shift follows a period of rapid international ambition and subsequent retrenchment. In 2022, Zilch targeted the US market, waitlisting over 150,000 American users, according to company reports. However, by its 2024 accounts, the firm confirmed it had curtailed those US operations to prioritize its home market. According to company filings, Zilch achieved a 93 per cent year-on-year revenue surge last year, surpassing the £100m mark for the first time.
Building Influence Through the Unicorn Council
Belamant’s rising influence is closely tied to his collaboration with Ryan Mendy, Zilch’s chief business officer. Together, the pair helped co-found the Unicorn Council, an assembly of fintech leaders representing a combined valuation of approximately $150bn. Membership in this council has provided Zilch with direct access to government stakeholders, allowing the firm to participate in high-level discussions regarding the UK’s financial regulatory framework.
The council’s role gained prominence during UK Fintech Week earlier this year. During meetings with Treasury representatives, including then-City minister Lucy Rigby, members of the council discussed the integration of pension fund capital into the fintech sector. While the scale of the firm is smaller than the $75bn-valued Revolut or the $6bn-valued Monzo, industry insiders suggest that Belamant’s active engagement in these policy forums has granted Zilch a seat at the table comparable to its larger peers.
Beyond the council’s collective efforts, Belamant has pursued individual advocacy. The firm notably hosted a private roundtable featuring Financial Conduct Authority (FCA) chief executive Nikhil Rathi. Discussions at the event focused on accelerating regulatory progress to bolster the UK’s standing as a global fintech hub. Industry sources have characterized Zilch’s approach as a “fintech North Star,” noting the firm’s willingness to address complex regulatory hurdles directly.
Operational Pivot and Regulatory Strategy
Zilch’s evolution has been marked by a move away from the “quick fix” label often associated with the BNPL industry. As the UK government signaled a crackdown on the “Wild West” of unregulated credit, Zilch moved to differentiate itself. The company secured a consumer credit licence from the FCA in 2020, a foundational step that allowed it to operate within established regulatory boundaries early in its lifecycle.
In early 2025, the company further solidified its position by acquiring the Lithuania-based Fjord Bank. While the deal’s price tag was reported by sources to be $38m, the acquisition provided Zilch with a European banking licence, enabling a broader range of financial services. Despite the banking capabilities, Belamant has described the move as a strategic step to facilitate corporate finance rather than a pivot into traditional retail banking.
Internally, the firm has maintained a culture described by former staff as “firm but fair,” with a high degree of focus on reporting and accountability. This structure supported the firm’s path to profitability, which included an aggressive cost-saving program. According to its 2023 accounts, the company recorded approximately £8m in cost savings, partly through process automation and optimizing its headquarters footprint, while spending over £2m on restructuring costs.
The Path Toward a London IPO
The question of a potential initial public offering (IPO) on the London Stock Exchange (LSE) remains a focal point for the firm’s stakeholders. While Belamant has publicly discussed the possibility of a London float for several years, no formal filings have been submitted. City officials continue to view the company as a prime candidate for a local listing, hoping it will serve as a catalyst for reviving the London IPO market.
The firm’s decision-making process regarding a public listing appears contingent on broader market conditions and government incentives. In 2024,