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Fintech unicorn Zilch lands payments licence from City watchdog
One of Britain’s most prominent fintech unicorns has secured a payments services licence from UK regulators as it hunts for acquisition targets ahead of an eventual move to list its shares publicly.
Sky News understands that Zilch, which has more than five million customers, will announce on Thursday that it has been awarded the licence by the Financial Conduct Authority (FCA). It is also expected to say that it has deepened its relationship with Visa, the global payments network, by becoming a direct, principal member, which will pave the way for new payment-related collaborations between the two companies.
Money latest: Big rise in pension drawdowns The licensing move will be hailed by Zilch as an important milestone for the company ahead of the full-scale launch of Zilch Pay next year which is aimed at capturing a greater chunk of consumers' spending through a one-click checkout process. "This is a major step change for Zilch, bringing us firmly into the payments tent and giving us a true seat at the table to shape the ecosystem.
Amir Nisi
Creative and experienced content writer with 6+ years of experience lazy to create unique content strategy for News5 to turn website visitors into customers.
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