French buy-now-pay-later (BNPL) firm Alma has raised €210m in a Series C financing round, consisting of €115m equity and €95m debt.

The round saw participation from new investors Tencent, GR Capital, and Roosh Ventures. Existing investors Seaya Ventures, Eurazeo, Cathay Innovation, Picus Capital, and Bpifrance’s Large Venture fund also joined the funding.  

The fresh capital will enable Alma to expand the delivery of its product offerings across the retail ecosystem in Europe, including in France, Germany, Italy, Spain, and Belgium.

Last year, Alma enhanced its product suite with the launch of in-store payment terminal-based instalments, longer-term financing options, and business-to-business (B2B) pay later offering.

The firm is now planning to further enhance its consumer-focused payment application and expand its other products, including pay in up to 12 months and B2B payments.

It also aims to expand to new markets, in particular the Netherlands, Luxembourg, Portugal, Ireland, and Austria, this year.

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Alma co-founder and CEO Louis Chatriot said: “We want to be part of consumers’ daily lives and help them shop better, not just more. We strive to be an efficient and sane alternative to traditional consumer credit.

“It’s equally important for us to improve our merchants’ economics by bringing them new customers in a balanced relationship quite opposite to what we see from large Internet platforms.”

Alma targets to generate more than €300m in turnover, 10 billion payment volumes, and expand its employee headcount to 1,000 by 2025.

The firm, which serves over 6,000 merchants, currently has an annual transaction volume of over €1bn.

In December 2021, Affirm spinoff Resolve raised $25m in strategic equity funding in a bid to fulfil the growing demand for B2B BNPL solutions globally.