Financing platform Debite targets booming UK startups space

Debite, a financing platform for early stage companies, has announced its UK launch.

The company says that its buy now pay later model means customers benefit from smoothing the cost of expensive business payments, such as subscriptions, marketing and inventory, via a flexible and affordable repayment plan.

It claims to offer “dynamic spending limits considerably higher than the typical loan and credit products available to this customer segment, with interest rates starting at 0%.”

Debite will initially offer two main products in the UK – Save & Spend Loans and Boosted Debite Card.

It has completed a £2.5 million pre-seed equity funding round, plus debt financing, from FinTech funds and angel investors, including backing from PlatformXit, co-founded by the former CEO of Mox Bank, one of the first neobanks in Hong Kong; the co-founder of e-wallet firm Papara; and QNBEYOND Ventures, the VC arm of QNB Group, a financial institution in the MENA region.

Debite CEO Tayga Baltacıoğlu says: “We are beyond excited to be making our vision a reality with the launch of Debite.”

“So many early stage companies start out with amazing ambitions and the potential to do incredible things, but issues with managing the heavy burden of operational costs, and a lack of attractive funding options from traditional lenders to help smooth cashflow, means that growth is often stifled.”

“We know this market is ripe for innovation and we have huge growth plans to meet this challenge. We cannot wait to fuel the success of the next generation of business champions.”

StartupsStaff WriterDebite, Financing platforms, Startups, FinTech, Buy now pay later, UK retail, Funding roundsComment