Alma, the French fintech offering installment and deferred payment solutions for merchants and consumers, has closed a €49 million Series B financing round with Idinvest and Cathay Innovation.

Alma aims to provide the flexibility that both shoppers and retailers need right now. For example, the company just launched a Pay Later option, letting people pay two weeks to a month after the purchase. Alma pays the merchants upfront and in full.

This year the business wants to design new installment payment products, establish partnerships with B2B marketplaces, and  expand in France and abroad. To do so, the company intends to triple its workforce and the number of merchants using its services.

The ultimate goal is to process an annual volume of payments exceeding €1 billion within two years.

Founded by Louis Chatriot and Guillaume Desloges in 2017, the company closed a €12.5 million Series A round of equity funding almost a year ago. According to a press release, the current outstanding debt contracted by the company amounts to approximately €21 million, with a mix of institutional investors (70 percent) and HNWI (30 percent) involved in the deal.