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March 23, 2022

ChargeAfter secures $44m in funding to boost global BNPL financing network

Buy-now-pay-later (BNPL) consumer financing network ChargeAfter has raised $44m in a Series B funding round to bolster its global merchant and lender network.

Free Report
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What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

The financing, led by The Phoenix, was joined by the firm’s existing backers as well as banking giants Citi Ventures, Banco Bradesco, and Mitsubishi UFJ Financial Group (MUFG).

The round follows ChargeAfter’s strategic partnership with Visa and brings its total capital to $60m.

ChargeAfter founder and CEO Meidad Sharon said: “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.”

ChargeAfter provides consumers with approved and personalised consumer financing from several banks through a single application.

The platform also enables retailers to offer BNPL options to their customers through both online and in-store channels.

Furthermore, the firm provides the opportunity for banks and financial lenders to expand into new retail markets and grow their customer base.

ChargeAfter also provides a white label BNPL platform for banks, acquirers, financial institutions, and other strategic partners.

The network helps retailers and businesses access financing partners across the credit spectrum. This helps them extend BNPL solutions, including split pay, card-based instalments, and long and short-term instalments, to consumers through a single integration.

Sharon said that the company will use the fresh capital to onboard additional retailers worldwide.

The Phoenix vice chairman and investment manager Boaz Morris said: “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.”

Free Report
img

What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

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