Buy now and pay later FinTech startup Alma has reportedly raised €12.5m in funding from Idinvest and Isai.
The capital injection was supported by a debt raising of €17m, according to a report from FinSMEs.
With the fresh funds, the company will look to accelerate the development of its platform, including boosting its presence in France and building new tools, the article said.
The French FinTech company enables consumers to pay for products over a period of time. Merchants will receive funds immediately; however, customers can choose payment plans spread across months.
Its offering is available for both online and brick and mortar retailers.
Late last year, Japan-based buy now and pay later company Paidly secured $143m in a mixture of debt and equity, while India’s ZestMoney nabbed $15m for its Series B.
France’s FinTech sector hit a record level of funding last year after a total of $848.2m was deployed across 53 transactions. This was a significant jump up from the previous year where just $328m was invested through 31 FinTech fundraises.
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