CreditDigital, a business-to-business (B2B) lending platform, has secured £2 million to fund its expansion from early stage venture capital fund Fuel Ventures.

The London-based startup, founded by Daniel Lipinkski in 2017, has capitalised on the growing trend for instalment- based payment by offering businesses the opportunity to spread the cost of a purchase over 12 months, while paying suppliers and vendors up front.

The platform can approve purchases of up to £15,000 instantly and lend up to £250,000 within one working day to business customers. The facility can be integrated into B2B e-commerce checkouts or existing invoice systems.

Lipinski said he would use the money to expand his customer base in the UK and increase the firm’s product offering.

Mark Pearson, founder of Fuel Ventures, said CreditDigital allowed businesses to “bypass banks for important purchases, without having to wait and worry about whether they will be approved or charged ridiculous interest rates”.

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