Zilch secures further £165M in debt facilities led by Deutsche Bank

Zilch has secured a further £165 million in debt facilities in a deal led by Deutsche Bank, Sky News reports. The company is expected to announce it on Wednesday.

The extension takes Zilch's total securitisation and corporate debt facilities to almost £400 million and raises its annual lending capacity to £6 billion.

Zilch is a London consumer payments app with more than 5 million customers. It offers a Visa debit card with rewards and interest-free credit repaid over six weeks or three months. In August it added Pay Monthly, which spreads purchases over three, six or 12 months. It recently reported two consecutive quarters of adjusted pre-tax profit.

Co-founder and CEO Philip Belamant is preparing a stock market listing that could come as soon as next year. Zilch was valued at about $2 billion in its last funding round and is selecting investment banks.