Fintech Butter platform raises £ 15.8million in funding
Butter, the London-based fintech platform that emerged as the UK’s premier travel agency Buy Now Pay Later (BNPL), has just closed a £ 15.8million funding round to accelerate deployment of its BNPL purchasing application based on a responsible open bank.
Butter raised the funding through BCI Finance, the credit arm of London-based venture capital builder Blenheim Chalcot, as well as a number of other private angel investors to expand Butter’s offering.
Angered by the lack of flexible payment options when planning a vacation, co-founder Timothy Davis was inspired to build UK travel agency First Buy now Pay later, allowing travelers to spread the cost of preparations time travel, with full payment not due until after travel.
Together with co-founders Stefan Hobl and Nik Haukohl, Butter achieved full FCA regulated status in 2017, and four years later Butter evolved into a UK fintech platform with over 100,000 clients, offering payouts in all consumer sectors and flying the flag against other industry giants such as Klarna.
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 everything from meals to meals. take to the holidays on a simple, transparent payment plan, all in one easy-to-use account.
“We want to remove the stigma surrounding the offer to buy now, pay later, and empower consumers by allowing them to budget and spend wisely and in a way that suits their individual financial needs.
“We set out to achieve this by creating a platform focused on transparency, responsible lending and the ability to transact on larger tickets compared to other providers, while providing more choices for customers. through our unique single solution, which allows consumers to purchase any existing online store with Butter. The funding we have secured through BCI will help facilitate the expansion of our business as we continue to pioneer innovation in the buy now pay later space.