Debite, a London-based business that issues corporate credit cards to early-stage, high-growth UK startups, today announced the launch of Debite Pay, a new tool that lets customers pay money directly to a bank account. (Debite has been in touch to clarify the bank account feature is the product announcement, not pay-in-instalments).
Countless new businesses suffer from significant cash flow drag as they wait for their first revenues but still have to find enough dollar to build product, generate marketing channels, pay the team and procure any stock required by their business model.
Debite says Debite Pay means UK startups have the option to access interest-free credit for 35 days on bank transfers, though there's a £5+ transfer fee, potentially smoothing over accounting pitfalls until the startup's next big pay day.
Credit lines of up to £250,000 are already on tap for cardholders sporting Debite's fusion black-hued payment card; now they'll also be able to split any bank transfer across either 3, 6, 9 or 12 months.
Debite officially launched in July. CEO Tayga Baltacioglu said he was "thrilled" to launch pay-to-bank account transfers for his UK customers.
"Having founded and invested in high-growth startups myself, I've personally experienced the deep frustration that can come from struggling to pay suppliers who insist on bank transfers and the big impact that can have on fuelling growth.
"I know many founders will be excited to use this new product, and I'm delighted to part of a team that is helping boost the growth of UK startups."
Debite claims the application process takes under 5 minutes, with a decision within 24 hours.