Fintech startup Skeps has announced the closing of its Series A round. The startup has bagged $9.5 Mn from Bertelsmann India Investments and existing investor Accel.
The new funds will be used to expand the startup’s sales, marketing, engineering, and product teams, grow their merchant and lender client base and broaden services offered to their customers.
Founded in 2018 by Mayank Tewari and Prerit Srivastava, Skeps offers a cloud-based modular platform for merchants and lenders to identify the potential credit solutions for their customers with the highest likelihood of conversion.
With the startup’s offering, merchants can provide financing options ranging from Pay-in-4 to longer-term loans with a straightforward integration and banks can use it as their answer to branded BNPL platforms or grow their unsecured lending portfolio.
This year, in India alone, digital payments / UPI payments have seen a 15.7% growth month-on-month and reported transactions equating to INR 6.06 Lakh Cr up 10.8% month-on-month. Skeps sees fintech giants like Paytm, Razorpay, Khatabook, MobiKwik, among others as its competition.
However, Tewari says, what keeps them ahead is that they do not follow a waterfall approach. “We use our patented technology to simultaneously evaluate multiple financing options leading to reduced declines and improved customer experience. Plus, we offer our financing solution through the entire journey,” he added.
Over the last 18 months, the startup claims to have sourced and enabled its lenders to evaluate over a billion dollars worth of loan applications.
Tushar Srivastava, CEO, Skeps, said, “With this latest fundraise, Skeps will continue to serve clients by providing them the next generation in POS financing solutions that can be readily deployed on their merchant site, physical stores, or any partner platform where their customers are shopping,”