US multi-lender Point-of-Sale financing platform ChargeAfter has secured an investment from the venture capital arm of Japanese financial services giant MUFG.
The size of the investment from MUFG Innovation Partners has not been disclosed but comes as part of a wider partnership with ChargeAfter designed to help the firm in its global growth efforts, onboarding more merchants and lenders.
Founded in 2017, ChargeAfter provides e-commerce and omnichannel retailers a POS technology platform to offer personalised financing options from multiple lenders in a single application.
Shoppers submit a four-data-point credit application at checkout and the firm's proprietary decisioning engine processes the credit request across a lender network to find the best financing offers, while approving up to 85% of applications.
The MUFG investment comes just months after Visa put money into ChargeAfter.
Meidad Sharon, CEO, ChargeAfter, says: "Working with MUFG, a top-10 ranked global bank, enables us to further our mission to democratise and socialise credit by making payments quick, convenient, safe, and accessible."
Mayank Shiromani, VP, MUFG Innovation Partners, adds: "We believe that ChargeAfter’s model has a global potential and it can be applied to other verticals within financial services to provide the best fit solution to customers when they need it."