White label buy now pay later company Limepay has raised $21 million from current and new high net worth and institutional investors, as it builds towards an initial public offering late next year.

The raise will bring Limepay’s total funding to nearly $30 million – one of the largest fintech pre-IPOs in Australia.

“It’s been quite a ride into an IPO,” co-founder Dan Peters told Stockhead.

The company distinguishes itself from other BNPL operators with its unified checkout solution that operates under the merchant’s own brand, rather than a third-party brand such as Afterpay or Zip.

EB Games used Limepay to soft-launch bl!p, its own BPNL brand, during Black Friday and it exceeded expectations, Peters said.

“They’ve been delighted by the first week’s results,” he said.

Limepay also recently signed with PUMA, the shoe company and sports brand, and is seeing 10 per cent of its transaction volume going through its Limepay “pay plans” option, the company said.

Underlying merchant sales have been more than $95 million on a seven-day annualised run-rate basis, Limepay said.

Ord Minnett acted as lead manager for the pre-IPO, supported by Prime Financial