Tymit, a UK based buy now, pay later company, has raised £23mn Series A funding.
In Brief:
Tymit offers a B2B2C model so merchants can enable customers to pay in instalments.
It means companies can offer BNPL options under their own branding and gain the data insights from this themselves.
The round was led by retailer Frasers Group.
What does this mean?
Frasers Group’s investment shows the retailer sees a clear benefit to offering instalment payment options, especially under the merchant’s own branding as opposed to moving the customer relationship to a third party BNPL provider. Tymit plans to use the capital to continue investing in its customer proposition which already has over 40,000 active users.
