UK lending firm Tymit has received £23m in Series A funding to reinvent the Buy Now, Pay Later (BNPL) marketplace.
Tymit will use the funding to accelerate its product development and support the launch of its proposed market-disrupting B2B2C remittance program for merchants. It will provide merchants with all the benefits of BNPL under their own brand for free and the ability to strengthen their customer relationships through data-driven insights and loyalty. The company will also continue to invest in its consumer proposition which is already live with over 40,000 active users and since 2021 has processed £75m in transactions.
Enable merchants to offer installment payments with flexible terms
Tymit’s proposal will give merchant partners the ability to provide consumers with flexible payment options that will allow them to pay in instalments, with terms that can be changed to meet the needs of consumers’ individual circumstances, giving them peace of mind. mind to spend with confidence. With this investment, Tymit can expand its operations, attract new partners, and continue to help merchants meet customer needs and drive growth.
Company officials said credit providers and banks that dominate wallets have built their products for the bottom line, not consumers or merchants. High merchant fees of 2-8% may be good for profits, but they hinder merchant growth. They are pleased to offer merchants and partners payout program experiences that will help them get closer to their customers without taking a bite out of the cart or crowding out their brand.
The UK credit landscape
With rising inflation rates, the use of credit is increasing rapidly. July 2022 set a record for UK credit card usage. BNPL’s global payments are also expected to grow 50.5% annually to £2.72 trillion ($2.99 trillion) by the end of 2022, but merchants are paying for their own disintermediation, the statement said. Press.
Ongoing BNPL vendor fees of 2-8% take a big chunk out of every shopping cart and drive a wedge between merchants and their customers, eroding brand loyalty over time. This storm has created the need for a new generation of remittance program providers to become the go-to infrastructure that underpins BNPL’s rapidly growing market.
Tymit is authorized by the Financial Conduct Authority (FCA) and the Payments Service Regulator (PSR) in the UK to provide consumer credit and payment services and has a proven track record of operating installment cards . This makes Tymit one of the first regulated BNPL providers in the UK at the time of writing. Tymit’s proprietary platform was built entirely in-house and offers end-to-end capabilities, from onboarding and activation to engagement and service.