market, which is dominated by the likes of Affirm, Afterpay and Klarna. That war chest of funds will be key to helping Zilch gain a foothold in the U.S. It has raised a total of $340 million in both equity and debt financing to date. The start-up is also backed by Goldman Sachs and the venture capital arm of Daily Mail and General Trust, which owns the Daily Mail newspaper. And that's why we went and got the consumer credit license," Zilch's founder said. "At the end of the day, BNPL is a debt instrument. Klarna recently launched a similar feature in the U.K. It also offers a "pay now" option that lets users pay for items in full. "It should be regulated," Belamant said. Zilch obtained a consumer credit license from the U.K.'s Financial Conduct Authority in 2019. In the U.K., the government is introducing new legislation to bring BNPL under regulatory oversight. That growth could be tested in the coming years, however, as regulators take a closer look at the space. The firm has over 210 employees - up from just 20 in March - and aims to hire another 100 workers in the next 12 months. Zilch says it now has 1.2 million customers and is onboarding 200,000 new users each month.
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