London-based BNPL player Tymit has closed a £23 million Series A funding round led by retailer Frasers Group.

The money will be used for product development and to support the launch of Tymit's B2B2C instalment programme for merchants.

This, says the firm, provides all the benefits of BNPL under merchants’ own brand for free, with the ability to strengthen customer relationships through data-driven insights and loyalty.

The company will also continue to invest in its consumer proposition which is already live with over 40,000 active users and in the last 12 months processed £75 million in transactions.

Martin Magnone, CEO, Tymit, says: "We’re proud to provide merchants and partners with the instalment programme experiences that will help them get closer to their customers without taking a bite out of the basket or squeezing out their brand.”