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PoS fintech firm Skeps has recently raised USD 9.5 million in a Series A investment round led by Bertelsmann India Investments. The round also saw the participation of existing investor Accel.
The new funds will be used to expand the sales, engineering, marketing, and product teams; widen its merchant and lender clientele and increase service offerings to its customers.
Skeps’ CEO Tushar Srivastava stated that they are thrilled to welcome Bertelsmann India Investments to the Skeps family. With this fundraise, the startup will continue to serve clients by offering them the next-gen POS financing solutions that can be readily used on their physical stores, merchant sites, or any other platform where the users are shopping, he added.
For the uninitiated, Skeps was founded in 2018 and is based out of Gurugram and New York. It offers a cloud-based modular platform to merchants and lenders for determining the potential credit solutions for their customers with the strong possibility of conversion.
The startup mentions that merchants can provide financing options extending from Pay-in-four to longer-term loans with one simple integration. Banks can deploy it as a response to branded BNPL platforms or expand their unsecured lending portfolio.
Partner at Bertelsmann India Investments, Rohit Sood, mentioned that Skeps is the most advanced point of sale financing solution that they have come across in recent years.
Skeps’ patented technology assesses several financing options and provides credit at the beginning of the shopping experience, which propels conversions and upsells while reducing declines. The company has sourced and empowered its lenders to assess loan applications worth around a billion dollars in the last 18 months.
The platform assists businesses by delivering private blockchain technology to gather information from several platforms in a compliant and secure way.
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