Ten years at 40 Grosvenor Place will cost Zilch 77 million pounds, and the buy now, pay later firm is committing to that rent bill well before it can point to a profitable year.
Spring 2027 is when the move happens, from 111 Buckingham Palace Road into the top two floors of the Mayfair building. Those two floors measure 33,160 square feet, enough for more than 400 people and roughly double the London headcount the company carries today. Customers, chief executive Philip Belamant said, have now pushed past 8 billion pounds of spending across every UK region.
Divide the commitment across the decade and it lands near 7.7 million pounds annually, close to 7% of the 110.3 million pounds Zilch booked in the year to March 2025. That same year closed with a 10.5 million pound loss, narrower by 79%, and credit-loss provisions surging 116% to 27.4 million pounds, growing faster than revenue.
An overhead taken on ahead of the profit
The company began as a BNPL outfit and now runs an advertising-backed payments network, with retailer marketing budgets funding shopper cashback. Its registered customer base exceeds 5.5 million.
Capital has arrived in both forms. Equity brought $110M at a valuation above $2B in November 2021. Debt brought $125M from Deutsche Bank in June 2024, then more than $175M in mixed debt and equity in November 2025, with Czech investor KKCG leading alongside a widened Deutsche Bank securitisation facility.
Committing to that lease means carrying a fixed cost while still proving advertising revenue can absorb credit losses. Growth is supposed to outrun the overhead, which is why unit economics over the next two years matter more than the address itself.
