Buy now, pay later platform Uplift has scored a $68m credit line from Atalaya Capital Management.
This equity infusion will extend financing to Uplift customers looking to book travel, giving them the chance to pay off the bill in instalments. The platform enables purchases with travel brands include United Airlines, Carnival Cruise Line, Southwest Vacations and others.
Uplift offers a buy now, pay later solution that serves more than 100 travel brands.
Over the course of the next 18 months, Uplift is expecting to exceed $1bn in transaction volume.
“Buy now, pay later has become another mainstream way to responsibly pay for a variety of consumer purchases,” said James Intermont, principal at Atalaya Capital Management.
“Uplift has a strong market position with an enterprise solution that works for merchants while making it easier for consumers to purchase leisure travel.”
With the close of the round, the company has raised a total of $695m in funding since it was founded in 2014.
Earlier in the month, buy now and pay later platform Affirm completed an acquisition of point-of-sale lending solution PayBright. By combining the two lending platforms, Affirm is hoping to expand its reach and scale to offer a deeper network for merchants and customers in the US and Canada.
A study from global management consultant firm Kearney found that two-thirds (67%) of UK millennials are using point-of-sale credit finance services.
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