Butter, a buy now pay later platform based in London, has raised £15.8mn in its latest round of funding.
In Brief:
The round was led by BCI finance and included some private investors.
Butter started as a BNPL travel agency but has now become an open-banking based shopping app.
It'll use the funds to accelerate the rollout of its product.
What does this mean?
Butter appears to have pivoted from the tumultuous travel industry to using its technology for a wider, more opportunistic general shopping model. It’s already FCA regulated, having achieved this status in 2017, and at a time when BNPL is coming under increasing scrutiny, CEO Timothy Davis is keen to “remove the stigma” and “empower customers by allowing them to budget and spend intelligently”.
