Affirm spinoff Resolve has secured $25m in strategic equity funding as part of its efforts to fulfil the growing demand for business-to-business (B2B) buy now, pay later (BNPL) solutions globally.
This capital infusion will allow the company to further expand its platform and team.
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The funding round was led by New York-based Insight Partners, who was joined by existing backers Initialized Capital, KSD Capital, Haystack VC, Commerce Ventures and Clocktower Ventures.
Resolve, which spun out of BNPL fintech Affirm in 2019, provides digital 30, 60, or 90-day net terms-as-a-service as well as embedded BNPL payment solutions for B2B sellers and buyers.
Earlier this year, the firm bagged a combined $60m in asset and equity financing.
Commenting on the latest funding, Resolve CEO Chris Tsai said: “The market for simplifying net terms payments and embedding BNPL payment options is exploding as companies work to mitigate the pain of payments caused by overextended and snarled supply chains.
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By GlobalData“With this infusion of funds, we can capitalise on our market leadership position and rapidly scale to serve the many new types of companies looking to offer net terms and BNPL to their business customers, while unlocking cash flow and growing with minimal risk and effort.”
Resolve’s BNPL platform is designed to integrate into the existing financial technology stack of B2B companies.
It is claimed to help businesses alleviate the risk of offering extended payment terms and allows hassle-free customer billing and payments.
According to Resolve, a growing number of manufacturers, distributors, wholesalers and their buyers tapped Resolve to enhance their B2B payment methods and net terms billing workflows since the start of the pandemic.
Insight Partners principal Rebecca Liu-Doyle said: “The demand for embedded B2B payment options with net terms has skyrocketed as businesses must universally cater to customers accustomed to consumer-style payment and credit options, and to a new supply chain reality dominated by extended or delayed delivery times.
“Resolve provides an elegant, embeddable net terms payment experience that simplifies the complexity of meeting those customer needs with minimal risk and hassle.”
