FinTech: UK Fintech Butter Launches BNPL Card
UK-headquartered Buy Now, Pay Later (BNPL) fintech Butter is taking on credit card companies with a BNPL card.
Butter, the buy-now-pay-later (BNPL) fintech based in the UK, has announced the launch of its BNPL card in a bid to take the battle into the courts of the traditional credit card issuers. Credit cards are already on the back foot and BNPL as a payment option has caught on globally. The new BNPL card from Butter is aligned towards brick-and-mortar shoppers, however. (CROWDFUND INSIDER)
Timothy Davis, CEO, Butter, commented: “We wanted to create a physical product that transcended the current BNPL boundary between online and physical transactions, providing an additional option for consumers that allows them to buy on credit, without having to use a credit card.”
The card can be used to split the value of purchases across as many as 10 instalments and manage the card through the Butter app. If needed, it can also be used online.
In August, Butter launched a new 10-month interest-free instalment payment option, offering more extended payment options beyond its hitherto two, three or four-month repayment plans.
The fintech was originally founded as a travel agency in 2017 by Timothy Davis, Stefan Hobl and Nik Haukohl. It now has in excess of 250,000 users.
“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,” said Davis at the time.
Related Story: BNPL Was “One Of The Stars” Of The Holiday Season For PayPal
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