Debite, the dynamic financing platform for early-stage companies, has announced its UK launch with a mission to help businesses more effectively manage their cashflow and maximise their growth potential.
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Tackling one of the primary reasons why most start-ups fail, Debite’s Buy Now Pay Later model means customers benefit from smoothing the cost of expensive business payments, such as subscriptions, marketing and inventory, via a flexible and affordable repayment plan.
The platform has been built to serve the needs of early-stage companies that are currently underserved by traditional lenders. Debite will offer dynamic spending limits considerably higher than the 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 early-stage businesses.
Debite will initially offer two main products in the UK – Save & Spend Loans and Boosted Debite Card.
Save & Spend Loans
Debite’s easy-access loans offer instant cash to help businesses manage the high-cost of growth critical initiatives.
Whether that be saving on day-to-day operational costs, such as SaaS subscriptions through enabling the purchase of an annual vs monthly payment plans, or supporting spend on key marketing campaigns to drive customer acquisition, Debite’s Save & Spend Loans help scale-up businesses navigate a number of major financial hurdles.
Businesses will be able to access funds, normally unavailable from traditional lenders, of between £5,000 to £50,000 at competitive interest rates starting at 1.40% per month.
Boosted Debite Card
Alongside this, the Boosted Debite Card offers dynamic credit limits that are typically 20 times 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 offering greater control over day-to-day cashflow and the power to unlock growth opportunities.
For both products, Debite’s application process is underpinned by its proprietary technology with no personal guarantees required. A lending decision is made within 24 hours, with cash available instantly. Customers are then easily able to track spending and make changes to their repayment plan through an interactive online portal.
Demand for both products has already been impressive with over 100 companies registering on Debite’s pre-launch waiting list requesting access to over £1m of potential credit.