Butter in a £15.8 million round led by BCI Finance.

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Butter, a London, UK-based Buy Now Pay Later provides, announced that it raised £15.8 million ($21.7M) in a new round.

The money is a combination of debt and equity, with backers including BCI Finance, the credit arm of London-based venture builder Blenheim Chalco.

Proceeds will be used The funds for the rollout of its responsible open-banking based BNPL shopping app.

Butter, founded in 2015 by CEO Timothy Davis, Stefan Hobl, and Nik Haukohl, was initially a travel agency that was providing BNPL products on top of its holiday products. It eventuall was expanded into a BNPL open-banking based shopping app, which is in use by 100,000 customers, covering installment payments across every consumer vertical, and offers an alternative to that other payment provider.

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