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Banks invest in multi-lender BNPL platform ChargeAfter

Banks invest in multi-lender BNPL platform ChargeAfter

Citi Ventures, Banco Bradesco and MUFG have joined a $44 million Series B funding round for multi-lender BNPL player ChargeAfter.

The Phoenix led the round for ChargeAfter, which provides shoppers with approved financing offers from dozens of global lenders through a single application. Retailers can roll out the platform both online and instore.

The firm also offers global banks, acquirers, financial institutions, and strategic partners with a fully branded white label BNPL platform.

The network gives retailers and businesses access to financing partners across the full-credit spectrum with BNPL products such as card-based instalments, split pay, long and short-term instalments, 0% APR financing, revolving credit, B2B financing, lease to own, and more, in a single integration.

Meidad Sharon, CEO, ChargeAfter, says: “The investment will enable us to accelerate growth and further diversify our global lender and merchant networks while scaling strategic partnerships by providing leading banks, lenders, financial institutions, and industry partners a turnkey white label BNPL platform of their own.”

Carol Grunberg, global head, strategic partnerships and innovation, Citi’s Treasury and Trade Solutions, adds: “Given the growing usage and popularity of Buy Now Pay Later solutions, a multi-lender platform that provides more flexibility at checkout is imperative for ensuring clients have choices when completing purchases."

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