ChargeAfter, a New York-based fintech, which claims to be a leading Buy Now Pay Later (BNPL) consumer financing network, has picked up $44 million to complete its Series B funding round.
New investment round
The financing round was led by The Phoenix alongside participation from global banking giants Citi Ventures (Citigroup), Banco Bradesco, MUFG (Mitsubishi UFJ Financial Group), and existing investors.
ChargeAfter’s investment round follows the strategic investment and partnership with Visa. Also, it brings the total investment into the company to $60 million. Prior to this, we saw BNPL startups such as in3 and Tabby and unicorns such as Scalapay receive funding.
The funds will enable the onboarding of thousands of additional retailers to provide responsible financing to millions of shoppers worldwide, irrespective of where they shop.
Meidad Sharon, CEO, and founder of ChargeAfter. “The investment will enable us to accelerate growth and further diversify our global lender and merchant networks while scaling strategic partnerships by providing leading banks, lenders, financial institutions, and industry partners a turnkey white label BNPL platform of their own.”
“ChargeAfter’s white-labeled, multi-lender platform represents the next generation in consumer lending and enables any business to seamlessly embed diverse credit solutions in their product offering. We are excited to partner with ChargeAfter as they execute on their vision to unify this massive but fragmented space,” said Boaz Morris, Investment Manager, VC at The Phoenix.
“Given the growing usage and popularity of Buy Now Pay Later solutions, a multi-lender platform that provides more flexibility at checkout is imperative for ensuring clients have choices when completing purchases. This requires nimble and innovative consumer shopping experiences. We are thrilled Citi Ventures has invested in ChargeAfter, a Citi accelerator graduate,” said Carol Grunberg, Global Head of Strategic Partnerships and Innovation at Citi’s Treasury and Trade Solutions.
Rafael Padilha, Director of Bradesco PE & VC, Bradesco said, “Our investment in ChargeAfter stems from our need as the leading bank in Brazil to redefine local BNPL and consumer financing and stand behind payment innovation for merchants and lending technologies for banks and financial institutions.”
BNPL consumer financing platform
As consumer interest in BNPL accelerates, it is critical for merchants, banks, and financial institutions to offer tailored solutions that meet their customer’s evolving needs. This is where, ChargeAfter founded by Meidad Sharon in 2017 comes into the picture with its BNPL consumer financing platform.
It connects retailers and lenders to offer shoppers responsible and personalised financing options. Powered by a data-driven decisioning engine and network of global lenders, ChargeAfter is touted to deliver the most relevant financing offers to consumers from multiple lenders based on credit type.
What makes ChargeAfter different?
With dozens of pre-integrated global financing lenders and banks already on the platform, ChargeAfter offers shoppers approved and personalised consumer financing from multiple lenders through a single, quick application, wherever they shop.
ChargeAfter streamlines the distribution of credit into a single platform that retailers can implement rapidly both online and in-store. The company’s growing lender network offers seamless integration to lenders seeking to grow their customer base while expanding into new retail markets.
ChargeAfter also provides global banks, acquirers, financial institutions, and strategic partners with a fully branded white label BNPL platform. The network provides retailers and businesses access to leading financing partners across the full-credit spectrum with BNPL products such as card-based installments, split pay, long and short-term installments, 0% APR financing, revolving credit, B2B financing, lease to own, and more, in a single integration.