ePayLater Raises Pre-Series A Funding from ICICI Bank & Japan's GMO Global Fintech Fund
ePAyLater, a leading innovator in the digital credit market closed its Pre-series A funding led by ICICI Bank and GMO Global Fintech Fund, an investment fund of the internet conglomerate in Japan along with family offices like Parekh and Patni and foreign investors from UK. The funding will help ePayLater to ramp up its technology architecture as well as strengthen its product, as the company had earlier raised $2 million during its angel round of funding.
Commenting on the funding, Co-Founders, ePayLater, says, “ePayLater continues to push the boundaries of innovation to bridge the credit divide in the country. Credit at the point of sale is a need of millions of customers across the country and ePayLater is working towards providing convenient digital solutions for the same. We are indeed delighted that this esteemed group of investors has shown faith in our business model and have invested in our platform so that we can scale faster and fulfill our vision with greater agility”.
With its unique ‘Buy Now, Pay Later’ facility, it provides interest-free credit terms for a 14-day period and offers the smoothest possible checkout and payment experience, as users don’t have to pull out their card to complete a transaction. Also, customers can access ePayLater at merchants where ePayLater is integrated directly and also at merchants (both online and offline) through its award winning UPI product. Platform uses advanced machine learning techniques to do a real-time credit assessment using data such as buying patterns, digital footprints, social media information, and device information. Users are provided with a credit limit, and can actively use this credit amount to pay for products and services online.
Founded in 2015, ePayLater is a payment solution via which customers can instantly get access to a credit limit to make faster online/offline purchases. It has over 1000 merchants on-board including IRCTC, PVR, Croma, Box8, Travelyaari, Ticketnew, and more. As of now, it can be used on Amazon, Flipkart, Jabong, Myntra and Uber among others.
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