Zebit, an e-commerce custom credit solution provider, has collected $75m in a new debt financing round.
The facility was supplied by Route 66 Ventures, who also formed a new partnership with the company. Through this new deal, Zebit will look to expand its reach and deliver its 0 per cent credit solution to more consumers.
California-based Zebit is an e-commerce marketplace and custom credit solution, which enables consumers to buy products instantly and pay for them over time. Purchases are made with 0 per cent interest and do not need a ‘traditional credit check.’
The company gives underserved consumers access to up to $5,000 of interest-free credit and a variety of band name products. Through the marketplace, a user can purchase electronics, furniture, home and décor, and clothing, among other products, and choose to pay for them over monthly periods.
A credit score is not needed, instead a borrower is validated via their income and employment.
This investment comes months after Zebit closed a Series B earlier in the year, with Crosslink Capital acting as the lead backer.
Through the new partnership with Route 66, Zebit is hoping to extend its reach by leveraging the firm’s financial support and knowledge in the industry.
Route 66 general partner Robert Paterson said, “Route 66 is excited to be partnering with Zebit by offering an integrated, innovative secured debt financing solution that anticipates the future needs of their e-commerce platform and its customers.”
Earlier in the week, Route 66 led the $12m Series A into Clearmatics, a solution helping to automate business processes.
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