A buy now, pay later platform for business has raised £81 million in equity and debt funding.
Tranch, founded in London in 2021, is led by Philip Kelvin and Beau Allison. Kelvin was CFO at Trussle, acquired by US mortgage broker Better HoldCo last year, with Allison serving as head of engineering at the PropTech.
The seed funding round was led by Soma Capital and FoundersX and featured several UK and US FinTech founders. The credit facility is from Clear Haven Capital Management.
The platform allows SaaS and service providers – such as law firms and marketing agencies – to be paid up front while their customers can spread the payments.
Following a beta launch in the UK, Tranch joined the prestigious Y Combinator accelerator in the US and has since launched Stateside.
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“Against this challenging macroeconomic backdrop, buyers and suppliers have to ensure they can optimise their working capital cycle, and B2B BNPL is a commonsense way to achieve that,” said Kelvin.
“With our new investors and substantial credit facility in place, we’re in a great position to continue our growth in the US market out of our New York office.”