Danish Buy Now Pay Later (BNPL) company, ViaBill has raised $120 million in its recent equity and debt financing round. The funding round, which was led by London-based Fasanara capital, will help the company in the expansion of its BNPL services.
ViaBill is backed by the global venture capital, Headline and Blackfin. Founded in 2014, the fintech firm facilitates merchants and shoppers through BNPL solutions. The company recently rolled out its new services in some of the leading regions in Europe.
Jan Lytje-Hansen, the CEO and Co-Founder of ViaBill, commented: “We see huge demand for Buy Now Pay Later that isn’t limited to online stores. So, together with our partner MasterCard we have developed a solution that can be used anywhere, online or in-store. We have rolled out this new BNPL product in Denmark, Spain and the USA. Thanks to Fasanara Capital’s support, we can accelerate expansion. 80% of our consumers’ spending happens offline.”
Last year, the financial technology company, Klarna reported an increase in demand for the company’s BNPL services.
BNPL
In a major move towards the expansion in the BNPL sector, the financial services firm, Square announced in 2021 that the company is planning to acquire the Australian BNPL platform, Afterpay in a deal worth $29 billion.
“While other large Buy Now Pay Later players like Klarna, AfterPay and Affirm have successfully infiltrated the online payment space, there’s a lack of BNPL solutions that support brick and mortar shops. We solved this. Consumers around the world can download the ViaBill App, enter a limited set of data, and have ViaBill’s advanced credit decision engine immediately evaluate their creditworthiness. If successful, a virtual credit card is issued on the spot which the consumer can push to their wallet and use to pay as usual ViaBill has tested the shopping behavior of roughly 11,000 consumers over the last quarter,” Lytje-Hansen added.
