Zilch booked its first quarter of profit last year.

UK fintech Zilch raised its provisions for losses in the last year as demand for buy now, pay later services ballooned.

The London-headquartered firm raised provisions for credit losses – funds set aside to cover estimated losses from failed repayments – to £27.4m – a 116 per cent jump from £12.7m the year prior.

Credit losses relative to gross merchandise value, which is the percentage of a company’s total sales that it expects to lose from customers who don’t pay back their debt, edged up to 1.5 per cent from 1.2 per cent.

But this came as registered customers topped five million with investment in customer acquisition rising 62 per cent to £9.8m.

The fintech darling was dubbed the UK’s fastest growing fintech unicorn – a busin

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