British fintech company Zilch is “pausing” its US roll-out to focus on becoming profitable in its domestic market, UKTN can reveal.
Zilch, which provides buy now pay later services subsidised by digital adverts, recently contacted US users to notify them it was closing all accounts as of 29 February.
The notification said the London-headquartered firm would “waive any outstanding Zilch loans” for US customers. Zilch said it would also refund the dollar value of any unused rewards to customer bank accounts within 10 business days.
The company will retain its Miami office but UKTN understands Zilch is laying off around a dozen staff in the US. It is understood that Zilch is making 30 new hires in the UK.
A spokesperson for Zilch said: “This decision will also allow us to further consolidate costs, deploy our capital into our exceptionally well-performing UK business in the short term and move more quickly towards our goal of achieving profitability this year.”...