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Debite launches in the UK and raises £2.5m in pre-seed funding

By Joy Dumasia

May 31, 2022

  • BNPL
  • Boosted Debite Card
  • Buy Now Pay Later
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Debite, the financing platform for early-stage companies, has announced its launch in the UK with a mission to help businesses effectively manage their cash flow and maximise their growth potential. Tackling one of the primary reasons most start-ups fail, Debite’s 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.

Debite will offer dynamic spending limits considerably higher than the typical loan and credit products available to this customer segment, with interest rates at 0%. Debite’s long-term ambition is to become a comprehensive banking and financial management solution for underserved early-stage businesses.

Commenting on the launch, Debite CEO Tayga Baltacıoğlu said: “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 cash flow, 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.”

Debite will initially offer two main products in the UK Save & Spend Loans and Boosted Debite Card. Debite’s easy-access loans provide instant cash to help businesses manage the high cost of critical growth initiatives. Debite’s Save & Spend Loans help scale-up businesses navigate several major financial hurdles. Businesses will be able to access funds, normally unavailable from traditional lenders, of between £5,000 to £50,000 at competitive interest rates starting at 1.40% per month.

The Boosted Debite Card offers dynamic credit limits typically 20 times higher than traditional lenders at 0% interest if paid within 30 days. Similar to Save & Spend, customers will benefit from flexible repayment terms offering greater control over day-to-day cash flow and the power to unlock growth opportunities.

Debite’s application process is underpinned by its proprietary technology with no personal guarantees required, a lending decision is made within 24 hours, with cash available instantly. Customers can then easily track spending and make changes to their repayment plan through an interactive online portal. Demand for both products has already been impressive, with over 100 companies registering on Debite’s pre-launch waiting list requesting over £1 million of potential credit access.

Debite is headquartered in London to reflect the company’s initial focus on the UK. Co-Founder and CEO Tayga Baltacıoğlu is a serial entrepreneur with first-hand experience of early-stage companies’ financial challenges, having successfully built and scaled the global cleaning technology venture, Cleanzy. 

Co-Founder and CFO Andres Korin spent 12 years at J.P. Morgan, where he served as Vice President in a risk management role. Following this, he founded his consumer FinTech start-up and advised other early-stage companies across various sectors.

Debite’s third Co-Founder is Engin Attar, who will serve as Head of Product and Growth, Attar previously worked as a management consultant at Bain & Co., advising clients in the aviation and retail sectors, overseeing projects with a total value of $1.7 billion. 

The company has ambitious hiring plans with over 20 new hires across sales, finance, risk, technology and marketing planned by the end of the year. To fuel this growth, Debite completed a £2.5 million pre-seed equity funding round, plus debt financing, from FinTech funds and angel investors, including backing 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, the largest financial institution in the MENA region.

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