Butter, a UK-based Buy Now Pay Later (BNPL) platform, said on Tuesday it had raised £ 15.8million through its latest round of investment, which saw the participation of BCI Finance, the credit arm of London-based venture capitalist Blenheim Chalcot, as well as a number of other private angel investors.
Founded in 2017, Butter claims to be the UK’s first virtual card-based Buy Now Pay Later app that allows users to spread the cost of purchases from any online store over 2, 3 or 4 monthly installments, from of 0% APR. Members earn rewards when they shop, which can be redeemed for discounts on our members’ only travel platform, Butter Holidays.
“Unlike other BNPL providers, Butter’s unique over-the-top (OTT) solution allows customers to split the cost of purchases with each store on the Internet, without requiring merchants to support Butter through an integration. technical. Instead, Butter’s in-app universal cash register takes care of paying retailers, with customers able to reimburse costs on 2, 3, or 4 monthly payments.“
While sharing more details about the development of the company, Timothy Davis, co-founder and CEO of Butter, said:
“Our goal at Butter has always been to provide consumers with a simple and responsible alternative to credit cards and loans, allowing them to instantly spread the cost of anything from take out to vacations on a single payment plan. and transparent, all in one to use the account. We want to remove the stigma surrounding the buy now pay later offer and empower consumers by allowing them to budget and spend wisely and in a way that meets their individual financial needs.
Davis further revealed that the funding secured during the investment cycle will be used to help scale the Butter business as he and his team continue to create ‘innovation’ in the buy space. now pay later.