Alma, a French buy-now-pay-later (BNPL) platform, announced on Thursday it has raised 115 million euros ($131 million) in equity funding in order to expand in Western Europe.
The platform attracted new investors such as Chinese tech giant Tencent.
The company also raised 95 million euros in debt financing in its latest fundraising round, which brings its total to 210 million euros.
Co-founder and CEO Louis Chatriot said in a statement that the firm aims to provide consumers with a solid alternative to traditional consumer credit.
Alma – which has as clients upmarket French department stores Galeries Lafayette and Printemps – said it plans to use the funds to expand its operations.
A startup started three years ago, it provides a service that ensures merchants are paid in full at the time of sale, but customers pay over time.
This year, the company plans to expand into the Ireland, Netherlands, Portugal, Luxembourg, and Austria.
($1 = 0.8746 euros)
