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Credit Key Closes Series A Financing of $33M, Expands Footprint in B2B Payments
Tuesday, December 1, 2020
LOS ANGELES, Nov. 23, 2020 /PRNewswire/ -- Credit Key, the B2B e-commerce payments solution, announced today that it has recently closed $33.85M in total series A financing to support growth with participation from Greycroft, Bonfire Ventures, Loeb.nyc and other investors. The funding comes at a time when Credit Key is experiencing great traction with online merchants that are drawn to the power of its buy now pay later point-of-sale lending tool.
"B2B e-commerce continues to expand at an incredible pace, but a great majority of merchants still lack the payment tools that their customers are asking for," said John Tomich, co-founder and CEO of Credit Key. "As we equip more and more merchants with our point-of-sale financing option, we continue to see data that points to larger orders, fewer abandoned carts and improved customer acquisition."
Credit Key offers an alternative payment solution to B2B merchants enabling them to improve the customer experience at check out. Credit Key's proprietary process allows for lightning fast financing approval that provides purchasers an attractive financing option at the point-of-sale. Credit Key lives alongside other payment options at checkout, but it provides the purchaser better terms and comes at no risk to the merchant. Credit Key assumes the credit risk and any loan servicing, and qualified buyers enjoy transparent payment plans and competitive rates.
There are more than $9T in B2B payments processed in the U.S. each year. Currently, just $1.3T of this activity is transacted online, but e-commerce B2B payments are increasing rapidly and expected to reach $1.8T within the next two years. As it stands today, small to medium sized enterprises make up for half of all B2B payments, or roughly $4.5T.
Tomich added: "As small and medium sized businesses increase online purchasing, they're eager to find alternatives to the limits of both traditional trade credit and the common credit card. We anticipate continued momentum and we're excited to assist small businesses as they work through the recovery and position themselves for the future."
About Credit Key
Launched in 2017, Credit Key is a B2B financial services technology company that allows merchants to offer an instant buy now pay later function that is seamlessly integrated at checkout. Credit Key's proprietary process facilitates lightning-fast financing approval that is unique in the B2B space and proven to help merchants drive sales, revenue and conversions. Merchants equipped with Credit Key also benefit from immediate payment, unmatched ROI from greater AOV, and stronger customer loyalty. To start working with Credit Key, please visit creditkey.com.
About Greycroft
Greycroft is a seed-to-growth venture capital firm that partners with exceptional entrepreneurs to build transformative companies. The firm has deep experience in both consumer and enterprise technology, with a portfolio that spans the globe. Greycroft values building enduring relationships with founders and understands that they want more from investors than just capital. Greycroft has raised $2 billion in commitments and has over 200 active investments. The portfolio includes Acorns, Anine Bing, App Annie, Axios, Bird, BetterCloud, Braintree, Bright Health, Buddy Media, Bumble, Flutterwave, Goop, Happiest Baby, Huffington Post, Icertis, Lightricks, Maker Studios, Medly, Openpath, Scopely, SEMrush, Shipt, TheRealReal, Thrive Market, Trunk Club, Venmo, and Yeahka. For more information, please go to www.greycroft.com
About Bonfire Ventures
Bonfire Ventures is an LA-based seed-stage venture capital firm that invests exclusively in B2B software businesses, and typically leads or co-leads a startup's first priced round. Bonfire, with over $350M under management, backs extraordinary founders who are seeking to build world-class market leaders, and aspire to serve as those founders' most trusted advisors. Investments include The Trade Desk (IPO), Scopely, TaxJar, Pendo, ChowNow, OpenPath, Branch, Edgecast, Boulevard, Optimize Health, Prevoty, Inspire, SteelHouse, EmailAge, Invoca, Honk and others. For more information visit http://www.bonfirevc.com.
About Loeb.nyc
Founded by Michael Loeb and Rich Vogel, Loeb.nyc is a startup lab and early-stage private investor built on the belief that aligning the right people with the right ideas creates successful companies. A venture collective, Loeb.NYC does not incubate, it curates. We nurture our assets for as long as it takes, looking well beyond a 90-day program or one initial capital round. Loeb.nyc startups are provided with a tool shed of services and access to skilled consultants in a variety of disciplines including operations, sales and marketing, branding, strategy, data analytics, technology, legal, facilities, and community. More information can be found at Loeb.nyc.
Press Contact: Shea Communications, Richard Shea (917) 584-3542
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SOURCE Credit Key
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