Wisetack, a buy now, pay later (BNPL) startup, announced that it has raised a total of $19 million in two separate fundraising rounds. The San Francisco, California-based startup provides tools that allow customers to pay for in-person services after they’ve purchased them, a novel pitch that has the potential to change the way the world shops. wisetack 19m serieswilhelmtechcrunch.
The $19 million announced by BNPL is the company’s total fundraising to date. The seed and Series A rounds in which this money was raised, however, closed in 2019 — the venture reporting was significantly delayed, as has been the case for many companies in the wake of the coronavirus pandemic. Nonetheless, the startup is worth keeping an eye on, and it has been gaining traction since the funding round. Furthermore, the BNPL company’s list of star-studded investors offers new hope for the company’s prospects. Greylock Partners, a leading Silicon Valley venture capital firm, led both rounds of funding, with Bain Capital Ventures also participating. Wisetack series 19m series azevedotechcrunch.
Though the funding rounds aren’t exactly new, the buy now, pay later startup has some recent — and positive — news to share. According to the company, its loan volume increased 20 times between January 2020 and January 2021. “Because the company generates revenue from merchants (loan processing costs) and consumer interest, it’s likely that its revenue scales with loan volume,” explained TechCrunch about the company, concluding, “If the relationship is even close to direct, Wisetack grew quite a bit last year.” Another sign of the BNLP business’s growth: the startup claims that the number of companies using Wisetack increased 25 times last year, to a number now in the “thousands. Wisetack series 19m azevedotechcrunch.
Wisetack has piqued the interest of investors and appears to be rapidly expanding its BNPL business. The company has also benefited from capitalizing on recent and emerging trends, such as growth in the software-as-a-service (SaaS) segment of the technology industry and the burgeoning popularity of APIs. With the news of its closed fundraising rounds and an apparently successful past year, this company appears to be on the right track. Wisetack 45m 19m series februaryann.
About Wisetack
Bobby Tzekin (CEO), KolyaKlymenko (CTO), and Liz O’Donnell (COO) founded BNPL in 2018 as a group of experienced founders who previously worked at payment and lending companies such as PayPal and LendingClub. Tzekin said in a statement that the entrepreneurs founded the buy now, pay later company to “make it easy and affordable for in-person businesses to offer great financing options to their customers, and ultimately boost their sales.” The idea is that the buy now, pay later startup embeds financing options into software platforms that are already used by thousands of businesses in their daily operations, allowing customers to pay later for in-person services such as home and auto repair. It does indeed show the class of the brand and what makes it special. Hence, one can see the growth they have taken in the last few years.
