Fintech startup ChargeAfter raises $44 million for Buy Now Pay Later financing platform
Fintech startup ChargeAfter raises $44 million for Buy Now Pay Later financing platform
The Israeli startup has developed a BNPL consumer financing network that provides shoppers with approved financing offers from multiple lenders and also provides a bespoke white-labeled BNPL platform for global banks and financial institutions
Fintech company ChargeAfter announced on Tuesday the completion of its $44 million Series B 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 and brings the company's total amount raised to $60 million.
ChargeAfter has developed a Buy Now Pay Later (BNPL) consumer financing network that provides shoppers with approved financing offers from multiple lenders with a single application, and a bespoke white-labeled BNPL platform for global banks and financial institutions.
ChargeAfter, founded in 2017 by Meidad Sharon, employs around 100 people in Israel and the U.S., with its headquarters located in New York and R&D center based in Tel Aviv. The company’s platform is used by hundreds of retailers and financial organizations.
“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.
ChargeAfter offers shoppers approved and personalized consumer financing from multiple lenders through a single application. 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 global banks, acquirers, financial institutions, and strategic partners with a fully branded white label BNPL platform.
"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.
