Qlarifi, a London-based FinTech startup innovating credit score reporting for Purchase Now, Pay Later (BNPL), has introduced the profitable completion of its €1.6 million pre-Seed funding spherical to convey compensation transparency to the BNPL business.
The spherical was backed by a mixture of HoneyComb Asset Administration, Carthona Capital and a choice of angel traders together with Australian rugby legend John Eales.
“Our purpose for constructing Qlarifi was to create transparency and a fit-for-purpose resolution to an issue that’s been irritating us for too lengthy. We’re proud that the business has responded so positively. They’ve been crying out for the actual time data Qlarifi gives,” mentioned Alex Naughton, CEO and Co-founder of Qlarifi. “This funding spherical displays the boldness our traders have in our mission, and permits us to take the following leap in our progress journey.”
Based in 2023 by Alex Naughton and Loic Berthou, Qlarifi is reportedly the primary actual time BNPL shopper credit score database. It gives underwriting information for BNPL lenders by way of shoppers’ transaction historical past. With richer information, Qlarifi desires to allow lenders to make extra knowledgeable underwriting selections – serving to each BNPL suppliers and shoppers.
Their resolution signifies that it isn’t simply suppliers who will profit, but additionally shoppers who will have the ability to more and more depend upon BNPL as a accountable lending product.
This milestone marks a big step ahead in Qlarifi’s journey to offer BNPLs with shopper credit score information in actual time. Qlarifi’s platform aggregates BNPL shopper credit score information, creating a whole image of shoppers’ borrowing and compensation historical past throughout totally different suppliers.
The funding will probably be used to construct out a best-in-class actual time information infrastructure utilizing fashionable know-how and drive buyer acquisition throughout key markets.
“Qlarifi is tackling transparency in a booming business that’s demanding their resolution. The response Alex, Loic and the workforce have already obtained will probably be essential for each companies and shoppers within the ecosystem”, mentioned John Eales, businessman and former Australian rugby captain. “It’s thrilling to have the chance to spend money on their journey.”
In accordance with figures offered by Qlarifi, there are practically 415k every day BNPL purposes within the UK, dwarfing bank cards, the second most outstanding type of lending, which sits at 68k per day, and the market is barely rising. BNPL holds a 5% market share in e-commerce transactions, which is rising annually.
“We’re delighted to spend money on Qlarifi as they work to rework the quickly rising BNPL market,” mentioned Dean Dorrell, Associate at Carthona Capital. “With BNPL changing into an much more dominant drive, their deal with delivering subsequent technology know-how is completely timed to fulfill the business’s evolving wants.”
“We noticed a possibility to allow lenders to make higher knowledgeable underwriting selections by utilising the wealthy and rising dataset of transactions, and to assist shoppers construct a optimistic credit score historical past via the accountable use of BNPL. To us it was clear – we’re glad that our traders agreed”, concluded Berthou.
