Honeycomb Investment Trust plc, an investment trust managed by Pollen Street Capital Limited, which recently sold Target Group to Tech Mahindra for £112m, and existing investor MissionOG has invested its funds into the fintech firm.
Pay4Later will now use the funds to accelerate growth and further enhance its innovative suite of services that connect merchants and their customers directly to immediate financing solutions.
“Today’s announcement demonstrates the confidence that leading investors have in our ability to provide a compelling financing solution in a high-growth market,” stated Pay4Later CEO Scott Law.
“Our aim is to help consumers afford the important things in life.
“Allowing merchants and lenders to deliver fast, simple financing solutions directly at the point of sale makes that possible.”
Lindsey McMurray, Managing Partner of Pollen Street Capital, added: “This investment really complements our interests in this area.
“We’ve known the company a long time and believe there are significant opportunities to grow by focusing on the development of long-term partnerships with both lenders and merchants.”
Meanwhile, Gene Lockhart, Chairman and Managing Partner of MissionOG, concluded: “We have witnessed how Pay4Later’s platform has helped drive tremendous value to the customer, and believe the company will continue to be a leading provider of finance solutions to both merchants and lenders.”
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