Skeps, a global Point-Of-Sale (POS) financial technology company today announced the close of Series A funding of $9.5 million, led by Bertelsmann India Investments. Existing investor Accel also participated in this round. The company intends to use the funds to expand the sales, marketing, engineering, and product teams, grow their merchant and lender client base, and broaden services offered to their customers.
Skeps’ platform provides a suite of technology solutions for both merchants and lenders. Merchants can offer financing options ranging from Pay-in-4 to longer-term loans with one simple integration. Banks can use Skeps as their answer to branded BNPL platforms or grow their unsecured lending portfolio.
Skeps’ patented technology simultaneously evaluates multiple financing options and provides credit at the start of the shopping experience, which drives conversions, while minimizing declines. Skeps has sourced and enabled its lenders to evaluate over one billion dollars’ worth of loan applications over the last eighteen months.
“We are excited to welcome Bertelsmann India Investments to the Skeps family for this latest round. With this latest fundraise, Skeps will increase our ability to serve clients by providing them the next generation in POS financing solutions that can be readily deployed on their own merchant site, physical stores, or any partner platform where their customers are shopping,” said Tushar Srivastava, CEO of Skeps.
Rohit Sood, Partner at Bertelsmann India Investments said, “Skeps is the most innovative point-of-sale financing solution we have come across over the past few years. We are super impressed by the vision and execution of Tushar, Mayank, and Prerit who formed exactly the right team to deliver such a disruptive product. We have tracked them for over a year and are delighted to partner with them in this journey.”