" class="no-js "lang="en-US"> Butter launches yet another BNPL industry-first initiative
Thursday, June 13, 2024

British FinTech platform Butter launches yet another BNPL industry-first initiative

The UK’s first Buy Now Pay Later (BNPL) travel agent and leading BNPL platform, Butter, has announced the latest evolution of its consumer-first offering by introducing six and 10-month instalment options via Butter X. An industry first that will see the company offer the longest repayment terms of any BNPL platform in the industry available, across any internet purchase imaginable.

Now 250,000 users strong, Butter is no stranger to driving change in the UK BNPL sector and was the first BNPL provider to become FCA regulated in 2017.

Unlike other BNPL providers, Butter’s unique “over-the-top” solution enables customers to spread the cost of purchases across every store on the internet, without requiring merchants to support Butter via a technical integration.

Butter has also pioneered a unique credit decisioning process with affordability at its core, utilising open banking and machine learning to ensure that lending is responsible and that customers are only able to borrow amounts based on what they can afford.

Having recently raised £15.8m via BCI Finance, the credit arm of London based venture builder Blenheim Chalcot, as well as a number of other private Angel investors, Butter continues to pioneer change within the UK’s BNPL sector.

Much like other platforms, Butter already offered the option to spread payments over two, three or four-month periods. As a fully regulated travel agent, Butter also offers consumers the choice of spreading the cost of their holiday over three, six and 10-month periods.

However, now Butter is bringing this greater level of flexibility to their consumer offering with the launch of Butter X.

Butter customers can now spread payments over six or 10 months, interest-free, via their BNPL shopping app with the in-app universal checkout taking care of paying the retailers at the point of purchase.

No other BNPL provider currently offers this level of long-term flexibility where repayments are concerned. Not only does Butter now offer the longest repayment terms in the history of the BNPL space, but without the limitations of check out integration, consumers can take advantage of Butter’s latest offering across any purchase made via an online checkout.

Timothy Davis, Co-Founder and CEO of Butter, commented:

“We’re proud to be pioneering yet another first within the UK BNPL sector and one that should bring a further level of flexibility and affordability to Butter users.

Our mission has always been to evolve the Butter offering with the consumer at the heart of what we do, whether it be responsible lending, interest-free repayments, more choice, or a greater level of flexibility.

Providing the options to spread payments for six or 10 months is unheard of within the BNPL space but we believe it will further enhance our offering and so it was a natural path of progression for us.”

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