UK-Based Debite Launches BNPL Service for Early-Stage Companies

London-based financing platform Debite announced its launch in the U.K. Monday (May 30), saying it was out to help early-stage companies through its buy now, pay later tool.

“Tackling one of the primary reasons why most startups fail, Debite’s buy now pay later model means customers benefit from smoothing the cost of expensive business payments, such as subscriptions, marketing and inventory, via a flexible and affordable repayment plan,” the company said in a news release.

Debite says its platform has been designed for early-stage companies underserved by traditional lenders and can offer spending limits higher than the loan and credit products typically available to this segment of customers.

“So many early-stage companies start out with amazing ambitions and the potential to do incredible things, but issues with managing the heavy burden of operational costs, and a lack of attractive funding options from traditional lenders to help smooth cashflow, means that growth is often stifled,” said Debite CEO Tayga Baltacıoğlu. “We know this market is ripe for innovation and we have huge growth plans to meet this challenge.”

The company is launching with two main products: Spend & Save Loans, which offer instant cash to help businesses manage the cost of critical growth initiatives, and the Boosted Debite Card, which offers dynamic credit limits that are typically 20 times higher than traditional lenders at 0% interest if paid within 30 days.

Debite is fueled by a £2.5 million pre-seed funding round, and over 100 companies have registered for its credit offerings, the press release said.

Read more: Overlooked Ventures Receives Funding From Bank of America

Earlier this year, PYMNTS reported on a newly established fund by Overlooked Ventures to help disregarded entrepreneurs.

Based in Columbus, Ohio, and founded in May 2021, Overlooked Ventures is focused on assisting diverse founder teams with one or more founders that are part of a group that has been historically ignored.

As of late March, the company had invested in firms that include Blooming Health and The Difference in New York, CarpeDM and Moment.ai in Washington, D.C., College Cash in Texas, Femly in Maryland.