B2B lending platform CreditDigital has secured £2 million investment.

The London firm allows businesses to spread the cost of their purchases over 12 months while their vendors and suppliers get paid up front and in full. The platform can approve purchases of up to £15,000 instantly and up to £250,000 within one working day.

Founded in 2017 by Daniel Lipinski, CreditDigital promises better rates than banks, with repayment options from 30 days to 12 months. It can be integrated into any B2B e-commerce checkout or existing invoice system for a ‘Pay with CreditDigital’ option.

The investment from London-based VC fund Fuel Ventures will be used to expand CreditDigital’s business further in the UK and increase the product offering.

“Since we launched we’ve grown rapidly, so I’m excited to see where this investment will take us,” said Daniel Lipinski, founder of CreditDigital.

“We are confident that CreditDigital will become the go-to payment option for all business purchases in the next couple of years. Currently, there isn’t a service like ours in the UK, so we’re excited to offer a unique finance solution to UK businesses to help them grow.”

Mark Pearson, founder of Fuel Ventures, said: “Since we launched in 2014, we have been committed to investing in companies that we believe have exceptional growth potential.

“CreditDigital is certainly a company that has that potential. It’s an innovative business which allows businesses to bypass banks for important purchases, without having to wait and worry about whether they will be approved or charged ridiculous interest rates.

“It’s a much-needed service that has a huge target audience, I’m excited to see how the CreditDigital team develops the business over the next 12 months.”