back Back

UK BNPL FinTech Butter closes £15.8 million in funding

By Megha Bhattacharya

March 31, 2021

Share

butterLondon-based FinTech platform Butter has closed a £15.8 million funding round to accelerate the rollout of its responsible open-banking based BNPL shopping app. The round was led by BCI Finance, the credit arm of London based venture builder Blenheim Chalcot, as well as a number of other private Angel investors.

Timothy Davis, Co-Founder and CEO of Butter, commented, “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, whilst 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. The funding that we have secured via BCI will help facilitate the scale-up of our business as we continue to pioneer innovation in the buy now pay later space.”

Butter is a BNPL travel agency, providing a flexible, cost-effective way to book travel, with full payment not due until after the trip. A ‘layaway for getaways’. It has also launched a BNPL shopping app alongside their travel offering, enabling customers to spread the cost of any purchase from any online store.

According to Butter, it has developed a unique credit decisioning process with affordability at its core, utilising open banking and machine learning to ensure that lending is responsible and that customers are only able to borrow amounts based on what they can afford. Popular stores in the Butter app include Amazon, Argos, BooHoo, ASOS, H&M, Zara, Hugo Boss, Sports Direct, AirBnB, Currys PC World, Ao.com, IKEA and more.

Paul Maurici, Investment Manager at BCI, commented, “Our mission at BCI is to be the funder of choice for UK FinTech’s 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.”

Leave a Reply

Your email address will not be published. Required fields are marked *

Previous Article

March 30, 2021

Finch Capital acquires Wirecard Turkey through Nomu Pay

Read More
Next Article

March 31, 2021

TCS and Nationwide renew partnership to boost operational resilience

Read More

IBSi Prime News

Weekly

October 15, 2021

The Weekly Wrap: all you need to know by Friday COB

Read More
  • Daily insightful news analysis
  • Weekly snapshot of the industry deals, events & insights
  • Sectoral deep dives on the hottest FinTech trends
  • Exclusive interviews featuring c-level executives shaping the industry
  • Profiles of the most influential established and emerging companies in the sector
  • Weekly global FinTech use cases
  • Chart of the Week curated by the IBSi’s Research Team
Subscribe to Prime

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

August 11, 2021

Wahed migrates to WealthKernel’s APIs to support the UK app launch

Read More

August 10, 2021

Rapyd to power PromptPay Payments for Thailand’s Google Play users

Read More

August 10, 2021

Kroo raises £17.7 million in a Series A funding round

Read More

Related Reports

Pages

Bank-wide
Sales League Table Report 2021

£1,500 / year

Know More

Pages

Market Reports
US Financial Services Technology Report 2021

£1,500 / year

Know More

Pages

Retail Banking
The Future of Digital Banking Report 2021

£1,500 / year

Know More

Pages

Wealth Management
Wealth Management & Private Banking Systems Report 2021

£1,500 / year

Know More

Pages

Wholesale Banking
Treasury and Capital Markets Systems Report 2021

£1,500 / year

Know More