The early-stage company financing platform Debite has launched in the UK in an attempt to help businesses manage cash flow and maximise growth potential more effectively.
Tackling one of the primary reasons why most start-ups fail, Debite’s buy now pay later (BNPL) 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 platform has been built to serve the needs of early-stage companies that are currently underserved by traditional lenders.
Debite offers spending limits considerably higher than the typical loan and credit products available to this customer segment, with interest rates starting at zero per cent. Debite’s ambition is to become a comprehensive banking and financial management solution for underserved early-stage businesses.
Commenting on the launch, Debite CEO Tayga Baltacıoğlu, said: “We are beyond excited to be making our vision a reality with the launch of Debite.
“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.
“We know this market is ripe for innovation and we have huge growth plans to meet this challenge. We cannot wait to fuel the success of the next generation of business champions.”
The company will initially offer two main products in the UK; its ‘save and spend’ loans and its ‘boosted Debite’ card:
- Save and spend loans
Debite’s loans offer instantaneous cash to help businesses manage the high-cost of growth critical initiatives.
Whether that be saving on day-to-day operational costs, such as SaaS subscriptions through enabling the purchase of an annual vs monthly payment plans, or supporting spend on key marketing campaigns to drive customer acquisition, Debite’s save and spend loans assist scale-up businesses in navigating a number of major financial hurdles.
Businesses will be able to access funds, normally unavailable from traditional lenders, of between £5,000 to £50,000 at monthly interest rates starting from 1.40 per cent.
- Boosted Debite card
Alongside this, the company’s boosted Debite card offers credit limits higher than those of traditional lenders at zero per cent interest if paid within 30 days.
Similar to the company’s loan offering, customers will benefit from a range of flexible repayment terms offering greater control over day-to-day cashflow and the power to unlock growth opportunities.
Backed by fintech investors
The company has announced its intention to engage with 20 new hires across sales, finance, risk, technology and marketing planned by the end of the year.
To fuel this growth, Debite completed a pre-seed equity funding round, plus debt financing, from fintech funds and angel investors, including backing from the former CEO of Mox Bank, one of the first neobanks in Hong Kong; the co-founder of e-wallet firm Papara; and QNBEYOND Ventures, the VC arm of QNB Group, the largest financial institution in the MENA region.