London fintech aims to rollout shopping app after £15.8m funding round

A London fintech has announced that it has completed a £15.8m funding round as it aims to accelerate the rollout of its app.

Butter, a Buy Now Pay Later (BNPL) travel agency, raised the £15.8m funding via BCI Finance, the credit arm of venture builder Blenheim Chalcot, as well as a number of other private angel investors.

The funding will be used to accelerate the rollout of the company’s open-banking based BNPL shopping app.

Timothy Davis, co-founder and CEO of Butter, commented: “Our goal at Butter has always been to provide consumers with a simple and responsible alternative to credit cards and loans, enabling them to instantly spread the cost of anything from a takeaway to a holiday over a simple and transparent instalment plan, all within one easy to use account.

“We want to remove the stigma surrounding the buy now pay later offering and empower consumers by allowing them to budget and spend intelligently and in a manner that suits their individual financial needs.

“We’ve set out to achieve this by building a platform focused 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.”

Paul Maurici, investment manager at BCI, said: “Our mission at BCI is to be the funder of choice for UK fintechs 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.”

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