Tymit Raises $27M to Launch White Label BNPL Solution

U.K.-based buy now, pay later (BNPL) company Tymit has raised 23 million pounds ($26.7 million) in a Series A funding round. The round was led by Frasers Group, which operates British retail brands including Sports Direct, Jack Wills, GAME, Flannels and Evans Cycles.

Tymit said it will use the funding to accelerate its product development and support the launch of its white label BNPL proposition for merchants, according to a Wednesday (Oct. 26) press release emailed to PYMNTS. That offering is designed to provide “all the benefits of Buy-Now-Pay-Later (BNPL) under merchants’ own brand for free and the ability to strengthen their customer relationships through data-driven insights and loyalty,” per the release. The company will also continue to invest in its direct-to-consumer consumer solution.

“We are really pleased with this strategic investment, which demonstrates Tymit’s disruption of the BNPL market for the benefit of both merchants and consumers,” Tymit CEO and Co-Founder Martin Magnone said in the announcement.

Commenting that Frasers Group shares Tymit’s “commitment to pushing the boundaries of traditional retail environments,” Magnone said the funding will allow the company to expand, bring on additional partners and “continue to help merchants meet customer needs and drive growth.”

A spokesperson for Frasers Group said in the announcement, “This strategic investment into Tymit will allow the Group the ability to continue to pioneer the retail sector and later expand into the Buy Now, Pay Later market — enhancing the consumer experience and providing flexibility across the board.”

In a crowded market for consumer installment credit, white label solutions that enable retailers to offer the service under their own brand are gaining traction.

In addition to Tymit, banks such as Deutsche Bank and Barclays have moved to enter the BNPL space via white label products for merchants.

See more: Barclays Pairs With Amount To Create White Label For BNPL Platforms

Read also: Deutsche Bank Partners With Credi2 to Pilot White Label BNPL Product

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