BNPL platform ChargeAfter raises $44m Series B
Buy now, pay later (BNPL) platform ChargeAfter has raised $44 million in a Series B funding round.
ChargeAfter CEO Meidad Sharon
The round was led by The Phoenix and saw participation from Citigroup’s Citi Ventures, Banco Bradesco and MUFG (Mitsubishi UFJ Financial Group), as well as a number of existing investors.
The Series B follows a strategic investment and partnership with Visa and takes the company’s total amount raised to date to $60 million.
Headquartered in New York, ChargeAfter offers shoppers approved and personalised consumer financing from multiple lenders through a unified application.
The company also provides global banks, acquirers and financial institutions a white-label BNPL platform.
The platform offers retailers and businesses access to BNPL products such as card-based installments, split pay, long and short-term installments, 0% APR financing, revolving credit and B2B financing through a single integration.
ChargeAfter CEO Meidad Sharon says the industry is shifting 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”.
Sharon says the investment will be put towards building out the company’s lender and merchant networks, scaling its strategic partnerships and onboarding thousands of additional retailers.
