Credit Key Raises $33M and Expands Footprint in B2B Payments
The backing comes when Credit Key is experiencing excellent traction with online merchants drawn to the potential of its buy now pay later point-of-sale lending principle.
FREMONT, CA: Credit Key, the B2B e-commerce payments solution, announced that it has recently closed 33.85 million dollars in total series A financing to support development with participation from Greycroft, Bonfire Ventures, Loeb.nyc, and other investors. The backing comes when Credit Key is experiencing excellent traction with online merchants drawn to the potential of its buy now pay later point-of-sale lending principle.
“B2B e-commerce continues to expand at an incredible pace, but a great majority of merchants still lack the payment tools that their customers are asking for,” said John Tomich, co-founder, and CEO, Credit Key. “As we equip more and more merchants with our point-of-sale financing option, we continue to see data that points to larger orders, fewer abandoned carts and improved customer acquisition.”
Credit Key provides an alternative payment solution to B2B merchants empowering them to improve the customer experience at check out. The business’s proprietary process allows for lightning-fast financing approval that offers purchasers an attractive financing choice at the point-of-sale. Credit Key lives alongside other payment selections at checkout, but it presents the purchaser with better terms and comes at no hazard to the merchant. The firm assumes the credit risk and any loan servicing, and competent buyers enjoy transparent payment plans and competitive charges.
There are more than 9 trillion dollars in B2B payments processed in the U.S. every year. At present, just 1.3 trillion dollars of this activity is bought online, but e-commerce B2B payments are progressing rapidly and expected to reach 1.8 trillion dollars in the next two years. As it stands today, small to medium-sized businesses make up for half of all B2B payments or roughly 4.5 trillion dollars.
“As small and medium sized businesses increase online purchasing, they’re eager to find alternatives to the limits of both traditional trade credit and the common credit card. We anticipate continued momentum and we’re excited to assist small businesses as they work through the recovery and position themselves for the future,” Tomich added.