ChargeAfter, a global network that enables retailers to match their consumers with credit and financing offers, announced on Wednesday it secured $8 million during its Series A funding round, which was led by Propel Venture Partners, with participation from PICO Venture Partners, the Plug and Play accelerator and Synchrony.
Founded in 2016, ChargeAfter claims to be the first financing network that enables instant consumer credit at the moment of sales that works for consumers, merchants, and lenders. ChargeAfter founder and CEO Meidad Sharon, explained:
“ChargeAfter provides a single point for retailers to tap into multiple lending partners, for lenders to scale up, and for consumers to access fair and competitive credit options when they need it. Previously, it was too cumbersome for merchants to build and manage various lending partnerships, and with limited options, consumers all too often faced rejection during point-of-sale financing.”
Sharon also stated that the Israeli-American company will use the funding to grow their US-based presence with the hiring of sales and marketing industry veterans, R&D developers, a second office located in Sunnyvale, California and to further expand the network of merchants and lenders. Jay Reinemann, Partner at Propel Venture Partners, also revealed:
“By leveraging a range of potential lenders, ChargeAfter has already proven successful in increasing acceptance rates. ChargeAfter aligns with our worldview of expanding financial access and building new technology infrastructure. By creating this layer – a distribution system that neither banks nor retailers could build on their own – ChargeAfter is doing for credit what the large card networks once did for transactions.”
ChargeAfter plans to use the investment round’s funds to continue growth and expansion of its platform.