Kasheesh, a “first-to-market” digital payment platform, allows people to split payment for online purchases “across multiple combinations of debit and credit cards in any way they want, without added cost or interest hikes.”
As part of its launch, Kasheesh has also announced it has raised $5.5 million “from institutional and celebrity investors, including Tribe Capital, Anthemis, Courtside Ventures and notable individuals including Super Bowl LVI-winning wide receiver Odell Beckham Jr, athlete turned investor Sahil Bloom and award-winning actor Robin Wright.”
As mentioned in the announcement, consumer financing as a whole “hasn’t been personalized since the advent of eCommerce.”
The best value from credit cards is often “gatekept by financial institutions that want only high value customers and those with high credit/FICO scores.”
Consumers with low FICO scores or limited spending power “are often excluded and hit the hardest with negative restrictions (i.e. impact on credit score) on what they can buy and what rewards they get for using specific cards.”
Kasheesh believes consumers “should have tailored financing options on purchases versus being forced to select just one source of available funds.”
Kasheesh’s free, web-based browser extension “helps U.S.-based consumers across three main areas of online spending: reduced cost burden on individual cards per purchase, assisting in sustainably building credit scores and card rewards by utilizing any combination of cards versus just one, and maximizing financial privacy through Kasheesh’s unique auto-generation of a new encrypted card number to use per purchase.”
Sam Miller, co-founder and CEO of Kasheesh, said:
“Most people are used to paying for something with one form of payment, be it one card or BNPL alternatives. There’s a significant cost burden, risk, and little to no personalization when you’re forced to put an entire payment onto one card, especially when that card is frequently used for multiple purchases. Kasheesh leverages existing spending power, not added debt. We maximize rewards versus maxing out cards.”
Since its closed launch, Kasheesh has “brokered over $11 million in user transactions and purchases.”
Kasheesh doesn’t underwrite loans and “instead consolidates spending power to help their users avoid maxing out their cards.”
Since Kasheesh is not a financial institution or a loan provider, usage “isn’t contingent upon providing credit scores or users worrying about their financial information being used for marketing purposes elsewhere.”
The Kasheesh platform “takes what each customer already has available (via their credit and debit card limits) to be able to spread the burden of payment without needing to add more debt to their payment.”
For more details on this update, check here.
