Tymit is a credit company that offers traditional credit cards and a “buy-now-pay-later” service. The UK-based FinTech has now closed a $26 million funding round at the beginning of Q4, after successfully raising $5 million earlier in 2019.
The round was led by Frasers Group, which operates U.K. retail brands, including Sports Direct, Jack Wills, GAME, Flannels and Evans Cycles.
The new funding will accelerate product development and support the launch of what the company calls a ‘B2B2C’ installment program, wherein merchants can offer BNPL options to customers under their brand.
Although BNPL offers consumers more flexibility in their payment options, there are also concerns that users may not understand the financial implications of using credit.
Tymit is a credit company that offers traditional credit cards and a “buy-now-pay-later” service managed through an app. With their credit card, users can set up multiple installment payment plans in addition to everyday expenses, so they don’t have to pay interest on some purchases and can control their borrowing for others.