Danish buy-now-pay-later (BNPL) firm ViaBill has raised $120m in an equity and debt round to expand its offering to the physical retail segment.

London-based Fasanara capital led the fundraising round.

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Founded in 2014, ViaBill is backed by venture capital firms Headline and Blackfin. The firm enables consumers in Denmark, Spain, and the US to split their purchases into instalments and pay it back over time, without interest.

Its latest offering enables consumers to shop from bricks-and-mortar shops and pay for their purchases in instalments.   

ViaBill’s credit decision engine evaluates creditworthiness of the consumers once they download and enter a limited set of data in their ViaBill App.

If eligible, the firm will instantly issue a virtual credit card that can be added to consumer’s wallet to pay for their purchases as usual.

ViaBill CEO and co-founder Jan Lytje-Hansen said: “We see huge demand for BNPL that isn’t limited to online stores. So together with our partner Mastercard we have developed a solution that can be used anywhere, online or in-store.

“We have rolled out this new BNPL product in Denmark, Spain, and the USA. Thanks to Fasanara Capital’s support, we can accelerate expansion.”

ViaBill, which studied shopping behaviours of around 11,000 consumers, noted that there has been a significant uptick in BNPL transactions in the last quarter.

The firm claims a three-fold increase in the shopping frequency of users with its virtual or physical cards that can be instantly added to ApplePay or GooglePay.

Lytje-Hansen further said: “It’ll be interesting to see if offline BNPL will disrupt the payment mechanisms as rapidly as we’ve seen in the online space.”

Fasanara Capital CEO and co-founder Francesco Filia added: “We see BNPL as a gamechanger in the payments space. Consumers of today want convenience and flexibility when they shop online and offline and at Fasanara Capital we want to support leaders in this space.”

Last year, Denmark-based fintech Lunar acquired full stack payments platform Paylike.