Skeps, a global PoS fintech startup, has raised $9.5 million in Series A funding led by Bertelsmann India Investments. Existing investor Accel also participated in the round.
The startup intends to use the funds to expand the sales, marketing, engineering, and product teams; grow its merchant and lender client base; and broaden services offered to their customers.
“We are excited to welcome Bertelsmann India Investments to the Skeps family. With this latest fundraise, Skeps will continue 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.
Founded in 2018, Skeps is based out of Gurugram and New York. It is a cloud-based modular platform, used by merchants and lenders to help identify the potential credit solutions for their customers with the highest likelihood of conversion.
The startup states that merchants can offer financing options ranging from Pay-in-four to longer-term loans with one simple integration. Banks can use it as their answer to branded BNPL platforms or grow their unsecured lending portfolio.
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 form exactly the right team that could have delivered such a disruptive product. We have tracked them for over a year and are delighted to partner with them in this journey.”
Skeps’ patented technology evaluates multiple financing options and provides credit at the start of the shopping experience, which drives conversions and upsell while minimising declines. Skeps has sourced and enabled its lenders to evaluate over a billion dollars’ worth of loan applications over the last 18 months.
The platform serves businesses/merchants by deploying private blockchain technology to combine information across multiple platforms in a compliant and secure way.