Klarna rival Zilch posts first profit and appoints ex-Aviva CEO to board ahead of IPO

Core Insights - Zilch, a British fintech firm, reported its first-ever month of profit in July 2024, marking a significant milestone as it aims for an eventual initial public offering [1] - The company achieved profitability within four years of its founding, outperforming competitors like Starling and Monzo, which took over three and four years, respectively [2] - Zilch's annual revenue run rate surpassed £100 million ($130 million), doubling from the previous year's run rate [2] - CEO Philip Belamant stated that Zilch achieved profitability by focusing on business growth rather than cost-cutting, despite the high-interest rate environment [3]