- ChargeAfter recently announced it raised $44 million in funding. These are the details.
ChargeAfter – the market-leading Buy Now Pay Later (BNPL) consumer financing network that provides shoppers with responsible and approved financing offers from multiple lenders with a single application and bespoke white-labeled BNPL platform services for global banks and financial institutions – recently announced the completion of their $44 million Series B round of funding.
The funding round was led by The Phoenix, with participation from global banking giants Citi Ventures, Banco Bradesco, MUFG (Mitsubishi UFJ Financial Group), and existing investors. And ChargeAfter’s new funding follows a strategic investment and partnership with Visa, bringing the company’s total amount raised to $60 million.
ChargeAfter offers shoppers approved and personalized consumer financing from multiple lenders through a single and quick application wherever they shop. And with the distribution of credit streamlined into a single platform, retailers can easily implement ChargeAfter’s BNPL offering both online and in-store. Plus the company’s growing lender network offers seamless integration to lenders seeking to grow their customer base while expanding into new retail markets.
Plus ChargeAfter also provides global banks, acquirers, financial institutions, and strategic partners with a fully branded white label BNPL platform. And 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, etc. in a single integration.
KEY QUOTES:
“While BNPL has exploded in popularity in recent years, the marketplace often gives consumers limited options and up to a 70 percent decline rate. 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.”
“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. Our ongoing investment in the platform will expedite the onboarding of thousands of additional retailers to provide responsible financing to millions of shoppers worldwide – anywhere they shop.”
— Meidad Sharon, CEO, and founder of ChargeAfter
“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. 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.”
— 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.”
— Carol Grunberg, Global Head of Strategic Partnerships and Innovation at Citi’s Treasury and Trade Solutions
“For nearly 30 years, the Boleto has been the dominant form of BNPL or consumer credit in Brazil. 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.”
— Rafael Padilha, Director of Bradesco PE & VC, Bradesco
