BillFloat, Inc., a leading innovator in consumer credit delivery, today announced that it raised $21 million in new investment funding to advance the development of its suite of flexible consumer credit options.
Investors in this round of funding focused on the new, secure More-Time-to-Pay (MTP) platform that delivers real-time payment flexibility to consumers who seek more time to pay for purchases and services. BillFloat's MTP platform delivers real-time consumer financing solutions online, in-store and through mobile devices.
This investment round was led by Investor Growth Capital and joined by returning venture investors Venrock, FirstRound Capital and Baseline Ventures. New investors include Bronze Investments, a firm that looks to align strong financial returns with positive social impact. Previous investment rounds provided $15.6 million for a total investment to date of $36.9 million.
"We are revolutionizing credit delivery with our innovative More-Time-to-Pay platform and our growing network of banking, retail and service provider partners," said Ryan Gilbert, BillFloat CEO and co-founder. "BillFloat will change the way consumers buy products and services, and it will usher in a wave of new opportunities for our partners."
"The More-Time-to-Pay platform offers a needed and unique approach to credit delivery that fits the real-time experiences of consumers and businesses," said Brian Mulvey, vice president at Investor Growth Capital. "There is demand in competitive markets to help all consumers responsibly afford their purchases, even if they have no credit histories or limited budgets."
This new investment strengthens growth opportunities for the company. With more than 700,000 registered users, BillFloat adds an average of 3,000 to 5,000 customers per day and plans to provide more than $400 million dollars in credit delivery to its customers by the end of 2013. Bank Technology News recently honored BillFloat as a "Top 10 Technology Company to Watch" for 2013.
"BillFloat continues to build a credit delivery platform that's unmatched in the industry and is committed to helping consumers achieve greater financial stability," said Brian Ascher, partnerr at Venrock. "This opens up more options for all consumers, including those underserved in the market."
Brian Mulvey, vice president at Investor Growth Capital and Stephen DeBerry, managing partner of Bronze Investments, will join Venrock's Brian Ascher, First Round Capital's Rob Hayes, veteran financial services executive and investor Mark Goines, BillFloat co-founder and CEO Ryan Gilbert and co-founder Sean O'Malley on BillFloat's board of directors.