Butter, a London, UK-based based fintech platform creating a Buy Now Pay Later (BNPL) travel agency, closed a £15.8m funding round.
Butter has raised £15.8m via BCI Finance, the credit arm of London based venture builder Blenheim Chalcot, as well as a number of other private angel investors.
The company intends to use the funds to accelerate the rollout of its open-banking based BNPL shopping app.
Co-founded by Timothy Davis, Stefan Hobl and Nik Haukohl, Butter provides a fintech platform which has established a firm presence in the industry as a BNPL travel agency, providing a way to book travel, with full payment not due until after the trip. Its “over-the-top” (OTT) solution enables customers to spread the cost of purchases with every store on the internet, without requiring merchants to support Butter via a technical integration. Instead, Butter’s in-app universal checkout takes care of paying retailers, with customers then able to repay the costs over 2, 3, or 4 monthly payments. Popular stores in the app include Amazon, Argos, BooHoo, ASOS, H&M, Zara, Hugo Boss, Sports Direct, AirBnB, Currys PC World, Ao.com, IKEA and more.
The company achieved full FCA regulated status in 2017 and today has over 100,000 customers.