January 2026 - Tech-driven, flexible finance provider, PayItMonthly, has secured a £10m asset-based lending facility from Secure Trust Bank Commercial Finance (STB CF) to turbocharge its service to independent businesses across the UK.
Founded in Cheltenham in 2015 by Chris Pursey and Brian Pursey, PayItMonthly works with over 10,000 businesses, networks and trade associations to help them offer flexible payment options to their customers. The service enables businesses to offer customers the option to split purchases of up to £10,000 into interest-free instalments over 12 months, supporting customers who may otherwise be unable to proceed with a purchase.
With a strong focus on customer care, the entirely UK-based team keeps debt within the business, rather than selling it on, and doesn't introduce late fees. PayItMonthly also houses development and AI-driven decisioning teams, ensuring fast, fair and responsible credit decisions.
This has all resulted in strong sales performance for businesses using the service, with 46% of customers increasing their order value when choosing instalments and 92% of customers saying they wouldn't have purchased without having the instalment option. It's resulted in the team being finalists at the Consumer Credit Awards 2025, while also being recognised as a Best Workplace in Financial Services.
As consumer demand for flexible payment options continues to increase, PayItMonthly approached STB CF to secure the funding needed to continue scaling at pace. This resulted in STB CF providing a £10m asset-based lending facility.
With the facility now in place, the team's focus remains on increasing its support for independent businesses, networks and associations, with deeper penetration across key target sectors. PayItMonthly will also be focusing on scaling its marketing efforts to drive greater brand awareness and partner growth.
Chris Pursey, CEO and co-founder at PayItMonthly, said: "We started out with a clear mission to provide independent businesses with the ability to give their customers more flexibility around how they pay for products. Over the last ten years, we've seen just how strong demand has been, now supporting over 10,000 businesses to increase sales and support customers.
"We reached out to STB CF because of its strong reputation, competitive rates and recommendations from trusted industry peers. From the outset, the team demonstrated a genuine understanding of our business and our mission to support independent businesses, networks and associations. The team's pragmatic and supportive approach will enable us to continue scaling responsibly, while helping even more customers spread the cost of their purchases in a fair and transparent way."
Debbie Partridge, regional sales director at Secure Trust Bank Commercial Finance, added: "With buy now pay later only growing in popularity, Chris and the team at PayItMonthly capitalised on an emerging market early on to become a key service provider to independent businesses across the UK. When working with the team, we quickly understood the opportunity to continue expanding in this burgeoning market. With the funding in place, we can't wait to see it progress in the years to come, while also expanding our own offering to specialty finance providers."