British fintech firm Zilch Technology Ltd. has secured £100 million ($127 million) through a securitized debt financing deal arranged by Deutsche Bank AG, aiming to expand ahead of its planned IPO next year.

The funds will enable Zilch to develop new products and reach a broader customer base, the company announced on Wednesday.

“This deal signifies growth,” said Zilch co-founder and CEO Philip Belamant in a Bloomberg Television interview on Wednesday. “It allows us to triple the commerce we can direct to our retail partner network, which is phenomenal.”

Belamant added that the financing would help Zilch accelerate its product rollout, increase market share, and move toward an IPO.

Based in London, Zilch serves over 4 million customers and processes more than 10 million monthly payments, according to the statement. The company was valued at $2 billion in a Series C funding round in 2022.

In March, Belamant mentioned that Zilch was nearing profitability and considering an IPO next year. He noted that the firm had discussions with Nasdaq, the New York Stock Exchange, and the London Stock Exchange, keeping its options open for the listing location.

“In both the US and the UK, capital needs to return to IPOs,” he said. “Specifically in the UK, we need to see changes. The market needs liquidity, and perceptions about the London Stock Exchange need to improve.”

The UK’s appeal as a listing destination has declined in recent years, with companies seeking higher valuations elsewhere. Of the $11.9 billion raised through IPOs in Europe this year, just over 2% was in the UK, the lowest in decades, according to Bloomberg data.