Bringing to small businesses across the U.S. the buy-now pay-later model that transformed companies like Klarna and Affirm into billion-dollar businesses has netted the payment and lending company Credit Key another $33.85 million in funding.
“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 chief executive of Credit Key, in a statement. “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.”
For businesses, the company offers an alternative payment solution that quickly provides financing for purchases at the point-of-sale.
Credit Key assumes the credit risk and loan servicing, and buyers can have a transparent payment plan with competitive interest rates, the company said.
Credit Key said that it expects the e-commerce market to reach $1.8 trillion by 2022.