UK-based buy now, pay later company Tranch has bagged £3.5m in pre-seed equity and debt funding.
The funding round was led by Flash Ventures and Global Founders Capital and included a debt facility from Columbia Lake Partners.
According to AltFi, Tranch is a BNPL platform for SaaS sellers and professional services providers.
The company uses credit risk modelling and open banking data to allow B2B customers to acquire SaaS contracts upfront at a cheaper annual rate while still paying in instalments.
Tranch intends to use the finance to bring payment flexibility to a wider pool of B2B customers.
Tranch CEO and co-founder Philip Kelvin said, “My time as a scaleup CFO made me realise just how inflexible payment options can be for crucial SaaS tools and other business services, and how detrimental this lack of choice and payment ownership can be on thousands of companies.
“‘Pay with Tranch’ solves that huge and costly problem, by putting flexibility and choice at the heart of the payments process in a way that works simply and favourably for both suppliers and buyers.”
Copyright © 2022 FinTech Global
