LONDON–(BUSINESS WIRE)–Debitthe dynamic funding platform for start-ups, today announced its UK launch with a mission to help companies manage their cash more effectively and maximize their growth potential.
Tackling one of the main reasons most start-ups fail, Debite’s Buy Now Pay Later model means customers benefit from cost-smoothing of expensive business payments, such as subscriptions, marketing and inventory, through a flexible and affordable reimbursement plan.
The platform was designed to meet the needs of start-up businesses that are currently underserved by traditional lenders. Debite will offer significantly higher dynamic spending limits than typical loan and credit products available to this customer segment, with interest rates starting at 0%. Debite’s long-term ambition is to become a comprehensive banking and financial management solution for underserved start-ups.
Debite will initially offer two main products in the UK – Saving and spending loans and Boosted debit card.
Saving and spending loans
Debite’s easy-to-access loans provide instant cash to help businesses manage the high cost of critical growth initiatives.
Whether it’s saving on day-to-day operational costs, such as SaaS subscriptions by enabling the purchase of annual or monthly payment plans, or supporting spending on key marketing campaigns to drive customer acquisition , Debite’s Save & Spend loans help scale businesses overcome a number of major financial hurdles.
Businesses will be able to access funds, normally unavailable from traditional lenders, between £5,000 and £50,000 at competitive interest rates from 1.40% per month.
Boosted debit card
Along with that, the boosted debit card offers dynamic credit limits that are typically 20x higher than traditional lenders at 0% interest if paid within 30 days. Similar to Save & Spend, customers will benefit from a range of flexible repayment terms providing greater control over day-to-day cash flow and the power to unlock growth opportunities.
For both products, Debite’s application process relies on its proprietary technology with no personal guarantees required. A loan decision is made within 24 hours, with cash available instantly. Customers can then easily track their expenses and make changes to their repayment plan through an interactive online portal.
Demand for both products has already been impressive with over 100 companies on Debite’s pre-launch waiting list requesting access to over £1m of potential credit.
Support from leading fintech investors
The company has ambitious hiring plans with more than 20 new hires in sales, finance, risk, technology and marketing expected by the end of the year. To fuel this growth, Debite completed a £2.5m pre-seed equity funding round, as well as debt funding, from fintech funds and angel investors, including backing from PlatformXit, co-founded by the former CEO of Mox Bank, one of Hong Kong’s first neobanks; the co-founder of electronic wallet company Papara; and QNBEYOND Ventures, the VC arm of QNB Group, the largest financial institution in the MENA region.
Debite is headquartered in London to reflect the company’s initial UK focus.
Unparalleled management team
Debite’s management team includes a mix of financial services and entrepreneurial experts. Co-founder and CEO, Tayga Baltacıoğlu, is a serial entrepreneur with first-hand experience of the financial challenges faced by start-ups who have successfully built and grown the global cleaning technology company, Cleanzy. It was in this role that he realized that traditional lenders were failing start-ups due to a lack of financial backing.
Commenting on the launch, Debite CEO Tayga Baltacıoğlu said “We are beyond excited to realize our vision with the launch of Debite. So many start-ups start out with incredible ambitions and the potential to do incredible things, but the problems of managing the heavy burden of operational costs and the lack of attractive financing options from traditional lenders to help smooth cash flow means growth is often stifled. We know this market is ripe for innovation and we have huge growth plans to meet this challenge. We look forward to fueling the success of the next generation of business champions.
Co-founder and CFO Andres Korin spent 12 years at JP Morgan where he served as a vice president in a risk management role. Subsequently, he founded his consumer fintech start-up and advised other start-ups in various industries.
Debite’s third co-founder is Engin Attar who will serve as Head of Product and Growth. Attar previously worked as a management consultant at Bain & Co., advising clients in the aviation and retail sectors, overseeing projects with a total value of $1.7 billion. He also has experience building and scaling an international start-up, in addition to managing large product and growth teams.
Start by applying for fast, flexible and affordable financing at www.debite.io
Debite is on a mission to help start-up businesses grow, providing financing to help manage business costs.
Debite offers fast, flexible and affordable financing that can be used for a range of large business costs. Debite solves the cash flow management problem that many start-ups face, allowing them to focus on continued growth.