Zilch explores London IPO for 2027 or early 2028

Zilch is exploring a possible London IPO in 2027, or early 2028, according to reports citing people familiar with the discussions. The UK payments company reported £110.3 million in revenue and a £10.5 million net loss for the year to March 2025, while a potential listing’s venue, timetable and valuation remain unsettled.

People familiar with the matter told the Financial Times, as reported by FStech, that Zilch had invited investment banks to pitch for roles on a potential London Stock Exchange flotation. They cautioned that the talks were at an early stage and could change.

London is the company’s preferred venue, according to City AM, which reported a potential window in the second half of 2027 or early 2028. New York and European exchanges are also under consideration. Neither a flotation nor a final timetable has been announced.

Zilch told Payment Expert that it was not commenting on market speculation. A company spokesperson told City AM that Zilch was focused on carrying out its strategy and that all strategic options remained open.

When could Zilch list in London?

Reporting points to a potential listing as soon as 2027, with City AM placing the more specific tentative window in late 2027 or early 2028. A listing is not confirmed, and the reported discussions with banks do not mean advisers have been appointed or that an exchange has been selected.

An initial public offering is a sale of shares to public investors that brings a company onto a stock exchange. Companies typically appoint banks to advise on the offer, help assess investor demand and arrange the share sale, but early conversations do not establish the eventual terms of a transaction.

What is Zilch’s financial position?

For the year ending March 2025, Zilch recorded revenue of £110.3 million, up 93% year on year, and a net loss of £10.5 million, 79% lower than the preceding year, according to City AM and Payment Expert. Payment Expert also reported gross profit of £54.5 million for the period.

People familiar with the matter told the Financial Times that Zilch was aiming to be profitable by the time of any listing, FStech reported. That is a reported objective rather than a public commitment by the company.

Zilch’s chief executive Philip Belamant said the company had retained a $2 billion valuation in a 2025 funding round, according to City AM. But the prospective IPO valuation has not been determined, and sources cited by Finextra and FStech said a public offering might not reach that private-market level.

A London listing by Zilch would add to the exchange’s pipeline after a subdued period for new flotations, though the company retains alternatives outside the UK. Its acquisition of Lithuania’s Fjord Bank was reported to support its European expansion and banking-licence ambitions.

This story draws on original reporting from Finextra Research.