NEW YORK -- ChargeAfter, which offers a Buy Now Pay Later (BNPL) consumer financing network, has announced the completion of $44M Series B financing. The round was led by The Phoenix, with participation from global banking giants Citi Ventures (Citigroup), Banco Bradesco, MUFG (Mitsubishi UFJ Financial Group), and existing investors. ChargeAfter's new funding follows a strategic investment and partnership with Visa, bringing the company's total amount raised to $60 million.
"While BNPL has exploded in popularity in recent years, the marketplace often gives consumers limited options and up to a 70 percent decline rate," said Meidad Sharon, CEO, and founder of ChargeAfter. "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."
With dozens of pre-integrated global financing lenders and banks already on the platform, ChargeAfter offers shoppers approved and personalized consumer financing from multiple lenders through a single, quick application, wherever they shop. 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.
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.
"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." continued Mr. Sharon. "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."