Globally “buy now, pay later” (BNPL) fintech startups raised record funding in 2020 and insurtech companies saw a big bump in fundraising in the second half of 2020.
Alex Kern, intelligence analyst at CB Insights said he was surprised to see how much fundraising and deal activity was occurring in the BNPL industry because when a consumer is at checkout while shopping online there’s only so much room for different BNPL options, since a consumer doesn’t want to see numerous different BNPL options.
… In recent BNPL news, Klarna shared that it is seeing “tremendous momentum in the US, including a record 15 million customers overall to kick off 2021.” In 2020, the company more than doubled the total number of users in the United States to 15 million. More than 1 million US customers have joined Klarna each month since October 2020.
Meanwhile, in the insurtech world, Metromile announced that Ryan Graves plans to make a $50 million investment in the company both personally and through his investment firm Saltwater. Graves was formerly senior vice president of global operations Uber Technologies.