Zilch, the UK fintech reportedly preparing for an IPO, reported a 36% rise in full-year revenues to £147.5m. Losses grew almost threefold to £35.9m. Revenues for the year to March 2026 were helped by customers spending more through their accounts. Gross merchandise value rose 28% to £2.4bn, and active users grew 21% to 970,000. The company said higher customer acquisition and brand building costs, plus a larger credit loss provision for longer-term loans, drove the losses. It said it hit a $300m annual run rate this year. Chief executive officer Philip Belamant called the year "foundational" and pointed to two consecutive quarters of adjusted profit before tax. Backed by Goldman Sachs and eBay, Zilch was valued at $2bn in a 2021 funding round.

Swedish fintech Klarna and UK rival Zilch have launched paid membership packages to compete with traditional credit cards. Klarna's four-tier system ranges from €4.99 to €44.99 monthly, offering cashback, perks, and subscriptions. Its top tier, Klarna Max, includes 23 subscriptions and a metal card, undercutting AmEx Platinum's €760 annual fee. Zilch introduced its first paid memberships for its 5 million customers. Zilch Extra costs £2.99 monthly, whilst Zilch Plus is £3.99 monthly and includes higher rewards and a physical card. Both companies are positioning themselves against incumbent credit card providers by offering flexible month-to-month upgrades rather than annual commitments. Klarna's European rollout begins in coming weeks.