Chennai: Financial technology firm Skeps has raised $9.5 million in a Series A round headed by Bertelsmann India Investments. Accel, an existing investor, was also a part of this round.
The money will be used to develop the company’s sales, marketing, engineering, and product teams, as well as extend the merchant and lender client base and services supplied to consumers.
Skeps is a technology platform that delivers a suite of technological solutions for both merchants and lenders. It was founded in 2018 and is based in Gurugram and New York.
Banks may use it as their branded BNPL platform to build their unsecured lending portfolio, while merchants can provide financing alternatives ranging from pay-in-4 to longer-term loans. Over the previous 18 months, Skeps claims to have found and allowed its lenders to analyse over a billion dollars in loan applications.
Skeps CEO Tushar Srivastava said, “With this latest fundraise, Skeps will continue to serve clients by providing them with the next generation in POS financing solutions that can be easily deployed on their own merchant site, physical stores, or any partner platform where their customers are shopping.”
“Skeps is the most forward-thinking point-of-sale financing option we’ve seen in recent years. Tushar, Mayank, and Prerit, who make up the perfect team to develop such a revolutionary product, have wowed us with their vision and execution “Bertelsmann India Investments partner Rohit Sood remarked.