Buy now, pay later (BNPL) startup ChargeAfter raised $44 million in a Series B funding round to scale operations and onboard additional merchants, according to a press release on Tuesday (March 22).
The investment was led by The Phoenix, with participation from Citi Ventures, Banco Bradesco, MUFG and existing investors. The funding follows backing by Visa along with a strategic partnership.
See also: ChargeAfter Launches Visa Installments In US And Integrates With Cybersource Platform
The fresh capital brings ChargeAfter’s total fundraise to $60 million since the startup was founded in 2017.
“While BNPL has exploded in popularity in recent years, the marketplace often gives consumers limited options and up to a 70% decline rate,” ChargeAfter founder and CEO Meidad Sharon said in the release.
“Investor interest in ChargeAfter is a testament to the growing need for a network-driven financing platform made for merchants, banks and financial institutions, as the industry rapidly shifts from a single lender, low-approval reality to a multi-lender experience where responsible lending and approvals rates upwards of 85% or more are the new norm,” Sharon continued.
ChargeAfter has dozens of pre-integrated global financing lenders and banks integrated on its platform to offer people multiple consumer financing options with a single, fast application process.
According to the release, the platform gives retailers the ability to implement ChargeAfter’s BNPL offering online and in-stores, and helps lenders grow their customer base while exploring new retail markets.
The startup also offers global banks, acquirers, financial institutions and strategic partners a fully-branded white-label BNPL platform with BNPL products such as card-based installments, split pay, long and short-term installments, 0% APR financing, revolving credit, lease to own and more.
Related: ChargeAfter Adds Quadpay To Its BNPL Network
“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,” said Boaz Morris, investment manager, VC at The Phoenix. “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.”
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