Tymit raises £23 million in Series A funding for BNPL proposition
Buy now, pay later specialist Tymit has closed a £23 million Series A funding round, taking its total investment to date to £33 million.
This was led by Frasers Group, the British retailer that owns Sports Direct, Jack Wills and Game.
Tymit will use the cash to accelerate its product development and support the launch of its B2B2C instalment programme proposition for merchants.
The company will also continue to invest in its consumer proposition which is currently live with over 40,000 active users and in the last 12 months processed £75 million in transactions.
A spokesperson for Frasers Group says: “This strategic investment into Tymit will allow the Group the ability to continue to pioneer the retail sector and later expand into the buy now, pay later market – enhancing the consumer experience and providing flexibility across the board.”
Martin Magnone, CEO and Co-Founder, Tymit, says: “We are really pleased with this strategic investment, which demonstrates our disruption of the BNPL market for the benefit of both merchants and consumers.”
“As we worked closely with Frasers Group, it was clear they share our commitment to pushing the boundaries of traditional retail environments and challenging the status quo.”
“With this investment, we can expand our operations, bring new partners on board and continue to help merchants meet customer needs and drive growth.”
He concludes: “The credit providers and banks who dominate our wallets built their products for the bottom line, not for consumers or merchants. High merchant fees of 2-8% might be good for profits, but they hamper merchant growth.”
“This has to stop. We’re proud to provide merchants and partners with the instalment programme experiences that will help them get closer to their customers without taking a bite out of the basket or squeezing out their brand.”
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