Zaver banks $5m to facilitate cardless and BNPL payments in the durables sector

March 23, 2021

Zaver, a Swedish FinTech enabling merchants to accept cardless payments and offer buy-now-pay-later (BNPL) services, raised $5m in new funding.

Investors backing Zaver’s new round included Inbox Capital – which has previously invested in Revolut and Klarna and Inventure. Other investors include Fredrik Österberg, founder of Evolution Gaming, Magnus Rausing, Joen Bonnier, partner at Atomico and Fabian Hielte, Max Hobohm and Johannes Hobohm, co-founders of Ernstrom.

While the firm initially focused on P2P payments for marketplace transactions, it is now venturing into the durables sector which includes automotive, health and beauty, craftmanship among others for both online and offline commerce.

Starting in Sweden, its payments functionality and features will include online and offline cardless payments powered by open banking, instant payouts for merchants, BNPL and credit scoring.

Detailing on the firm’s plans, founder of Zaver Amir Marandi said, “By durables, we mean goods and services that do not need to be purchased often, and typically last for a longer period of time e.g. automotive, a visit to the dentist clinic, or kitchen renovation.

Founded in 2016, Zaver aims to build a payment solution by connecting the offline world with the online one so that its “customers can increase their sales, reduce costs, and get rid of that old clumsy card reader,” Marandi continued.

By looking beyond credit and debit cards into a cardless ecosystem, Zaver has been able to tailor its pricing and user experience. “The focus is on replacing legacy-solutions with a comprehensive banking and payments platform for SMEs in this sector, where BNPL plays a key role in the transition in customer behaviour,” Marandi added.

“By focusing on new customer behaviours such as BNPL, direct debit, instalments at point-of-sale and real time settlements, we can offer the same frictionless payment experience online and offline, no matter the size of the tickets”.

This funding round comes after its $1.2m seed funding round in 2019.