ChargeAfter, an Israeli buy now, pay later (BNPL) platform raised $44 million in Series B funding to provide a greater number of consumers worldwide with appropriate financing options given by a growing network of partnered retailers.
The round was led by investment firm Israeli investment firm, The Phoenix, alongside participation from global banking giants Citi Ventures (Citigroup), Banco Bradesco, MUFG (Mitsubishi UFJ Financial Group), and prior investors.
ChargeAfter’s newly acquired capital brings the company’s total funding to $60 million two years following its strategic investment and partnership with digital payment giant, Visa.
“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.”
Founded in 2017, ChargeAfter offers shoppers approved and personalized consumer financing from dozens of pre-integrated global financing lenders and banks on its platform 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.”
ChargeAfter also provides a fully branded white label BNPL platform to global banks, acquirers, financial institutions, and strategic partners. The network provides BNPL products such as card-based installments, split pay, long and short-term installments, and more to retailers and businesses in a single integration, enabling access to financing partners across the full-credit spectrum.
“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,” Sharon added.
“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,” said Boaz Morris, investment manager, VC at The Phoenix.