Elyn, a French FinTech that aims to let customers try items before they have to pay for them, has reportedly raised $2.7m in its pre-seed round.
The investment was led by Headline and Sequoia Arc, according to a report for TechCrunch. Other commitments came from Motier Ventures, Financière Saint James, Marc Menasé and Guillaume Princen.
The platform aims to provide customers with better flexibility with online shopping. Instead of buying products up front, it aims to delay the payment so the customer can physically see the products before they commit to the purchase.
Elyn co-founder and CEO El Mehdi Hachad said, “With try-before-you-buy, you only pay for what you decide to keep. We are also helping retailers with their returns so that return requests are turned into exchanges directly in the return interface that we provide.”
According to its website, Elyn boasts a 30% increase in conversion rates, and a 20% increase to the size of the average basket.
When the customer validates their basket, they do not get charged instantly. Instead, once they receive the items, they will have five days to return items they do not want. They would only be charged for the products they keep.
The platform also aims to transform returns into exchanges. When sending the items back, the customer can also select another item or get a voucher. Elyn claims it transforms 40% of returns into exchanges.
Elyn is not the first French FinTech company to raise capital this week, with Aria also securing funds. The company, which offers embedded invoicing finance, raised €50m in debt fundraising.
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