Global blockchain-based finance startup Skeps has announced the completion of a $9.5 million Series A funding round to continue its offering of credit solutions.
Bertelsmann India Investments led this funding round, which counted on the participation of existing investor Accel. Skeps plans to use the new investment to expand its workforce related to sales, marketing, engineering, and product sectors, as well as develop its services, merchant, and lender client base.
The venture capital fund Bertelsmann India Investments is own by Bertelsmann, a media, education, and services company operating across 50 countries in the world. The venture capital seeks to invest in pioneering companies in the digital, education, media, and services sectors at the series B and C stage.
Founded in 2018 with headquarters in New York and offices in India, the startup is a cloud-based modular platform providing a suite of technology solutions for merchants and lenders to identify the credit solutions with the highest likelihood of conversion, providing all the parties with a better experience in al senses.
By integrating the platform, merchants can offer financing options such as Pay-in-4 and longer-term loans. Banks can use Skeps to develop their unsecured lending portfolio or branded BNPL platforms. Tushar Srivastava, CEO at Skeps referred to the startup’s mission by stating.
“We are excited to welcome Bertelsmann India Investments to the Skeps family for this latest round. With this latest fundraise, Skeps will increase our ability to serve clients by providing them the next generation in POS financing solutions that can be readily deployed on their own merchant site, physical stores, or any partner platform where their customers are shopping,”
The finance startup has developed technology that already has successfully completed the patenting process. Not only it evaluates multiple financing options but also provides credit at the start of the shopping experience to help drive conversions and minimize declines.