Californian fintech solution for e-commerce Returnly has raised $3.25m in a seed round of funding.
The investment comes from Index Ventures, SV Angel, FJ Labs and Mundiventures, as well as angel investors.
Returnly provides online merchants with a platform to handle product returns and convert them into repurchases by offing customers refunds as store credit.
When shoppers make purchases with the instant refunds Returnly settles with the merchants in real-time and takes on all product return and customer rick.
The company says assessing and managing this risk is what differentiates it from other online returns solutions.
Returnly CEO and founder Eduardo Vilar said, “online returns have been broken since the early days of e-commerce. Asking shoppers to wait for a return to be processed before they’re refunded is just a bad shopping experience.
“We are fixing this by fronting refunds and taking the return risk. We empower brands to offer a better returns experience, turning returners into hyper-loyal shoppers and lost sales into repurchases.”
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