Skeps, a global Point-of-Sale (POS) financial technology company, has closed 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.
Tushar Srivastava, CEO, Skeps, said they 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 from 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.”
Rohit Sood, Partner, 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.”
Founded in 2018, Skeps has its headquarters in Gurugram, India and in New York, United States. Skep’s platform provides a suite of technology solutions for both merchants and lenders. Merchants can offer financing options ranging from Pay-in-4 to long-term loans with one simple integration. Banks can use it as their answer to branded BNPL platforms or grow their unsecured lending platform.
Moreover, 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. Skeps has sourced and enabled its lenders to evaluate over a billion dollars, worth of loan applications over the last 18 months.
Skeps 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. It serves businesses merchants by deploying private blockchain technology to combine information across multiple platforms in a compliant and secure way.