We’ve just published our latest annual report and financial statements for the year ended 31 March 2026. They show a business scaling fast, with customer engagement at the core of growth, and the foundations laid in FY26 now translating into a $300m annual run rate and adjusted profitability in FY27.
FY26 was a foundational year for Zilch. We strengthened the mechanics of how we operate, build and grow, while continuing to deliver more choice and value for consumers and merchants.
The results reflect that progress:
- Gross Merchandise Value (GMV) increased 28% year-on-year to £2.4bn
- Revenue grew 36% to £147.5m
- Revenue growth outpaced volume, with our revenue take rate increasing from 5.98% to 6.34%
- Gross profit also increased 24% to £65.6m
FY26 was deliberately a year of investment in customer acquisition and engagement, brand awareness, and product development, with the near-term trade-off reflected in an adjusted loss before tax of £5.3m and a gross profit margin of 44.5%.
A bigger, more engaged customer base
Our customer base continued to grow and deepen. We passed the 6.5m mark in all-time sign-ups, with yearly active users increasing 21% to 970,000. Average revenue per user (ARPU) increased 12% to £152.
This reflects the continued strength of our consumer proposition, and the role Zilch plays in helping people make smarter decisions about how they pay, manage and get more value from their spending.
During the year, we expanded the ways customers can use Zilch, including the launch of physical cards, Apple Pay, Pay by Bank, paid membership tiers and longer-duration credit.
These products give customers more flexibility and control, while helping Zilch build deeper and more valuable relationships over time.
A broader and more valuable platform
We also continued to diversify the Zilch platform beyond payments.
Feature revenue increased 120% to £6.9m, while advertising revenue grew 12% to £11m. Memberships also gained early traction, with more than 20% of monthly active users subscribed at the end of the financial year.
In parallel, we launched Intelligent Commerce, AI-powered commerce with smarter targeting and stronger return on advertising spend (ROAS).
By connecting purchase-ready consumers with the brands they love, Intelligent Commerce creates a stronger value exchange across the ecosystem. Merchants can acquire customers more efficiently and improve ROAS, while consumers receive more relevant experiences and greater value from their spending.
Strengthening the foundations for growth
FY26 was a year of strategic delivery.
We secured our own payments licence from the Financial Conduct Authority, became a Principal Member of Visa and laid the foundations for Visa Flex. Together, these milestones strengthen our regulatory and payments infrastructure and support the continued development of our platform.
Our three-year partnership with Arsenal Football Club, becoming their Official Way to Pay, is helping build awareness and trust in the Zilch brand like never before.
We also agreed to acquire Fjord Bank in Lithuania, subject to regulatory approval. The transaction supports our ambition to expand across Europe, while broadening our funding and product capabilities.
Doubling down
The investments made during FY26 are already translating into strong early performance in FY27.
Zilch is ahead of budget, has delivered two consecutive quarters of adjusted profit before tax, and reached an annualised revenue run rate of $300m.
We also recently announced that we are investing £77m over 10 years on a new London headquarters that we will relocate to in 2027, doubling workforce capacity as the business continues its growth trajectory.
Philip Belamant, CEO and Co-Founder of Zilch, said:
“FY26 was a foundational year for Zilch. We delivered strong financial growth while making deliberate investments in our products, technology and infrastructure to strengthen the business and position ourselves for the next phase of expansion.
“We’ve always been confident in the strength and profitability of our business model, and we’re now seeing the results of those investments. Reaching a $300m annual run rate and delivering two consecutive quarters of adjusted profit before tax demonstrates how the foundations we built during FY26 are translating into accelerated growth and stronger financial performance.”
Hugh Courtney, Zilch CFO, said:
“FY26 was a year in which our focus on pricing, product and funding translated into measurable progress. Revenue grew faster than GMV, our customer base became more engaged and our revenue streams continued to diversify.
“The decisions we made in FY26 were deliberate and have created a stronger platform for FY27. We are already seeing that in our margins, revenue mix and operating performance, giving us confidence that we can scale the business while building a more sustainable and profitable model.”
Read the full Zilch FY26 annual report here.