Financing Platform Debite Announces Its UK Launch

Debite, the dynamic financing platform for early-stage companies, has today announced its UK launch with a mission to help businesses more effectively manage their cashflow and maximise their growth potential.

The platform has been built to serve the needs of early-stage companies that are currently underserved by traditional lenders. Debite's long-term ambition is to become a comprehensive banking and financial management solution for underserved early-stage businesses. 

Debite will initially offer two main products in the UK – Save & Spend Loans and Boosted Debite Card.

The company has ambitious hiring plans with over 20 new hires across sales, finance, risk, technology and marketing planned by the end of the year. To fuel this growth, Debite completed a £2.5m pre-seed equity funding round, plus debt financing, from fintech funds and angel investors, including backing PlatformXit, co-founded by the former CEO of Mox Bank, one of the first neobanks in Hong Kong; the co-founder of e-wallet firm Papara; and QNBEYOND Ventures, the VC arm of QNB Group, the largest financial institution in the MENA region.

Commenting on the launch, Debite CEO Tayga Baltacıoğlu, said:"We are beyond excited to be making our vision a reality with the launch of Debite. So many early-stage companies start out with amazing ambitions and the potential to do incredible things, but issues with managing the heavy burden of operational costs, and a lack of attractive funding options from traditional lenders to help smooth cashflow, means that growth is often stifled. We know this market is ripe for innovation and we have huge growth plans to meet this challenge. We cannot wait to fuel the success of the next generation of business champions."