- ChargeAfter announced it raised $8 million in Series A funding
- Propel Venture Partners led the round led this round of funding
ChargeAfter is a company that enables retailers to match consumers with credit and financing offers. And the company recently announced it raised $8 million in Series A funding. Propel Venture Partners led the round led this round of funding and they were joined by PICO Venture Partners, the Plug and Play accelerator, and Synchrony.
What does ChargeAfter do? Essentially, ChargeAfter provides customers with access to an integrated network of multiple lenders through a single interface. And the ChargeAfter platform enables consumers across the credit-rating spectrum to instantly “apply and buy” with point-of-sale financing at a participating merchant.
“ChargeAfter provides a single point for retailers to tap into multiple lending partners, for lenders to scale up, and for consumers to access fair and competitive credit options when they need it,” said ChargeAfter founder and CEO Meidad Sharon in a statement. “Previously, it was too cumbersome for merchants to build and manage various lending partnerships, and with limited options, consumers all too often faced rejection during point-of-sale financing.”
ChargeAfter is going to use the funding to grow its US-based presence by hiring sales and marketing industry veterans, R&D developers, and opening a second office located in Sunnyvale, California and to further expand the network of merchants and lenders.
Consumers who use ChargeAfter experience a white-labeled and seamless process that takes minimal input and generates approved credit lines within seconds. And on the backend, retailers use one platform to process and manage transactions from all lenders with a dashboard that filters charges according to channel, lender, and country.
“By leveraging a range of potential lenders, ChargeAfter has already proven successful in increasing acceptance rates,” added Jay Reinemann — who is a partner at Propel Venture Partners. “ChargeAfter aligns with our worldview of expanding financial access and building new technology infrastructure. By creating this layer – a distribution system that neither banks nor retailers could build on their own – ChargeAfter is doing for credit what the large card networks once did for transactions.”
Merchants in ChargeAfter’s network who has seen a 30% increase in sales and a 50% increase in average order size. And they have seen 85% approval rates for shopper financing compared to an industry average of 30-50%.
“Everyone wins with ChargeAfter. Shoppers get instant, personalized loans. Merchants increase sales and enjoy simplified transaction processing. Lenders reach new consumers and reduce integration costs,” explained PICO Venture Partners managing partner Elie Wurtman.
The ChargeAfter platform was created with the goal of helping every shopper access fair and obtainable financing options tailored to their needs. And ChargeAfter is a market leading financing platform that empowers retailers to offer consumers personalized financing options at checkout from multiple lenders. And with a growing network of global lenders, retailers can approve more applications in real-time and increase sales up to 45%.
And ChargeAfter’s network offers seamless integration for lenders to increase their customer base and compete for business while expanding into new retail markets by streamlining the distribution of credit into online and in-store point of sale financing.
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