Denmark-based buy now, pay later (BNPL) firm ViaBill has secured $120m from an equity and debt round to bring the payment method to physical retail.
ViaBill – a company already backed by Blackfin and venture capital firm Headline – scored funding in a round headed by Fasanara Capital.
Founded in 2014, ViaBill claims it is working to change online shopping for the better through its BNPL service. The company has locations in Aarhus, Copenhagen and New York.
ViaBill noted that it has tested the shopping behaviour of around 11,000 consumers over the last quarter. These results have shown a ‘massive uplift’ in BNPL transactions, with the shopping frequency on average tripling for users using its virtual or physical cards.
ViaBill CEO and co-founder Jan Lytje-Hansen said, “We see huge demand for Buy Now Pay Later that isn’t limited to online stores. So together with our partner MasterCard we have developed a solution that can be used anywhere, online or in-store. We have rolled out this new BNPL product in Denmark, Spain, and the USA. Thanks to Fasanara Capital’s support, we can accelerate expansion.
“80% of our consumers’ spending happens offline. While other large Buy Now Pay Later players like Klarna, AfterPay, and Affirm have successfully infiltrated the online payment space, there’s a lack of BNPL solutions that support brick and mortar shops. We solved this. Consumers around the world can download the ViaBill App, enter a limited set of data, and have ViaBill’s advanced credit decision engine immediately evaluate their creditworthiness. If successful, a virtual credit card is issued on the spot which the consumer can push to their wallet and use to pay as usual.”
Fasanara Capital CEO and co-founder Francesco Filia added, “We see BNPL as a game-changer in the payments space. Consumers of today want convenience and flexibility when they shop online and offline and at Fasanara Capital we want to support leaders in this space”.
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