• Zilch is reportedly inviting banks to pitch for an IPO, with London favoured and a window of the second half of 2027 or early 2028; the company says all strategic options remain open.
• Reported figures for the year to March 2025 are £110.3m revenue, up 93%, and a £10.5m loss, down 79% from the prior year.
• The $2bn valuation is a private-round marker, not a public-market price, and the reporting says it was maintained from the 2025 round.
• Reporting says Zilch is moving away from the 'buy now, pay later' label after rival Klarna's weak IPO performance, which signals investors are discounting pure BNPL.
• Nothing is final: bank selection is at an early stage, and New York and Europe are reported as alternative venues.

Zilch, the UK buy now, pay later and payments company, is reportedly preparing a public listing and leaning towards London, according to Finextra and City AM, which credits the Financial Times with the original story. The timing reported is the second half of 2027 or early 2028. These are reports of early talks, not an announced offering, and the company has said all strategic options remain open. What matters for the beat is what the numbers say about challenger economics.

What has actually been reported

The reported facts are narrow. Zilch has invited investment banks to pitch for roles, with conversations due to begin in the coming weeks, and no banks have been named. London is the favoured venue, while New York and Europe are reportedly also being weighed. City AM reports a $2bn valuation maintained from the 2025 funding round. That is a private-market mark, and a listing would replace it with a price set by public investors.

The financials behind the pitch

City AM reports that Zilch's revenue for the year to March 2025 was £110.3m, up 93%, while its loss narrowed 79% to £10.5m. That is a steep improvement, but it is still a loss. A public-market investor will want to know whether the narrowing came from lower credit losses, higher merchant and interchange income, or cost cuts, and these reports do not break that down. Those line items determine whether the trajectory is repeatable.

Why the Klarna precedent shapes the story

City AM reports that Zilch is moving away from 'buy now, pay later' branding after Klarna's poor IPO performance. That detail suggests the market now treats short-duration consumer credit as a lending business, priced on loss rates and funding cost, not as a growth platform. For a UK challenger, it raises the bar: the equity story must rest on demonstrated unit economics rather than customer count, which the company puts at nearly six million.

What it means for the London market

A Zilch listing would be a meaningful test for London's appetite for high-growth fintech. Chief executive Philip Belamant has reportedly warned that London must improve incentives for retail investors and pension funds to compete for such companies. If Zilch does list in the UK, it will show whether those conditions have improved. If it chooses New York, that would be a data point against London. The venue decision is therefore as informative as the timing.

What to watch next

Readers tracking the sector should watch three things: which banks are mandated, whether Zilch publishes audited accounts for the year to March 2026 showing a path to profit, and how it describes its credit-loss experience and funding. Until an intention-to-float notice or a prospectus appears, the listing remains reported intent. Any valuation figure should be read as a private-round marker, not a forecast of an IPO price.