Retail payment solution provider Vyze has raised £13.1m for its Series C round which was led by Austin Ventures.
Other backers to the round included Fathom Capital and Starvest Partners.
Vyze offers retailers financing options for customers either in-store or online, with a range of POS systems to cater for the stores need. Vyze works with the retailer to set up the best financing options for its customers.
The capital will be used to help with growth, expansion and product development. Over the past year the company has more than doubled its retail clients and increased traffic through its platform by 700%, according to the company.
Currently, Vyze is live in 2,000 stores across the US, as well as on e-commerce websites and call centres.
Vyze CEO Keith Nealon said, “Traditional retail financing relies on an outdated retail financing model, resulting in limited consumer choice, and credit rejection rates that average 50% in the store and up to 75% online.
“In contrast, the Vyze platform connects retailers with a variety of lenders, boosting approval rates to upwards of 80%. Retailers using Vyze gain access to multiple credit solutions to better serve all their customers and drive continuous growth.”
Following the transaction Austin Ventures co-founder and general partner Ken DeAngells has joined Vyze’s board of directors.
Including the Series C round, total funding into Vyze has reached around $47m, with the company’s Series B nabbing $13m last year.
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