PayItMonthly secures £10m boost to accelerate UK expansion

Tech-led finance provider PayItMonthly has secured a £10 million asset-based lending facility from Secure Trust Bank Commercial Finance (STB CF), paving the way for expansion across the UK as demand for flexible payment options continues to surge.

Founded in Cheltenham in 2015 by Chris Pursey and Brian Pursey, PayItMonthly works with more than 10,000 independent businesses, networks and trade associations, enabling them to offer interest-free instalment plans to customers on purchases of up to £10,000.

With consumer appetite for instalment-based payments continuing to grow, PayItMonthly sought additional funding to scale its operations. STB CF responded with a £10m facility designed to support the next phase of the company’s growth.

With the funding secured, PayItMonthly plans to expand its support for independent businesses, deepen its presence in key verticals, and ramp up marketing activity to build brand awareness and forge new partnerships.

“Over the last ten years, we’ve seen just how strong demand has been, now supporting over 10,000 businesses to increase sales and support customers.

“We reached out to STB CF because of its strong reputation, competitive rates and recommendations from trusted industry peers. From the outset, the team demonstrated a genuine understanding of our business and our mission. The team’s pragmatic and supportive approach will enable us to continue scaling responsibly, while helping even more customers spread the cost of their purchases in a fair and transparent way.”

“With buy now pay later only growing in popularity, Chris and the team at PayItMonthly capitalised on an emerging market early on to become a key service provider to independent businesses across the UK. When working with the team, we quickly understood the opportunity to continue expanding in this burgeoning market. With the funding in place, we can’t wait to see it progress in the years to come, while also expanding our own offering to specialty finance providers.”