'Responsible' buy now pay later startup Butter raises £15.8m
Butter, a London-based venture that started life as the UK’s first buy now pay later (BNPL) travel agency, has closed a £15.8 million funding round.
That brings the total raised to date to £19.4 million.
Butter says it will use the cash to “accelerate the roll-out of its responsible Open Banking-based BNPL shopping app”.
The money comes via BCI Finance, the credit arm of London-based VC Blenheim Chalcot, as well as a number of unnamed angel investors in the FinTech space.
Stores in its app include Amazon, Argos, boohoo, Asos, H&M, Zara, Hugo Boss, Sports Direct, AirBnB, Currys PC World, AO, and Ikea.
Timothy Davis, Co-Founder and CEO, Butter, comments: “We want to remove the stigma surrounding the buy now pay later offering and empower consumers by allowing them to budget and spend intelligently and in a manner that suits their individual financial needs.”
He adds: “We’ve set out to achieve this by building a platform focussed around transparency, responsible lending and the ability to transact on bigger ticket items compared to other providers.”
“We’re also offering more choice to customers through our unique over-the-top solution, which enables consumers to shop any online store in existence with Butter.”
Paul Maurici, Investment Manager at BCI, comments: "Our mission is to be the funder of choice for UK FinTechs looking to scale.”
“Butter is a young and ambitious company, which combines a tech-enabled approach to lending alongside impressive customer delivery capabilities.”
“With its FCA authorisation already in place, the business is well placed to continue strong growth while assisting its customers in managing their money better."