Skeps Raises $9.5 Mn Series A Funding Led By Bertelsmann India Investments The company 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 customers
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Skeps—a global point-of-sale (POS) financial technology company—on Wednesday 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 its merchant and lender client base, and broaden services offered to customers.
"We are excited to welcome Bertelsmann India Investments to the Skeps family for this latest round. 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, chief executive officer, Skeps.
The company was founded in 2018 and has its headquarters in India (Gurugram) and the US (New York). 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 it as their answer to branded BNPL platforms or grow their unsecured lending portfolio, the company said.
Skeps' patented technology simultaneously evaluates multiple financing options and provides credit at the start of the shopping experience which drives conversions and upsell while minimizing declines, the company further shared.
"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," added Rohit Sood, partner, Bertelsmann India Investments.
The platform has sourced and enabled its lenders to evaluate over a billion dollars' worth of loan applications over the last 18 months.