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 deliver compensation transparency to the BNPL trade.
The spherical was backed by a mixture of HoneyComb Asset Administration, Carthona Capital and a number of angel buyers 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 trade has responded so positively. They’ve been crying out for the true time info Qlarifi supplies,” stated Alex Naughton, CEO and Co-founder of Qlarifi. “This funding spherical displays the boldness our buyers have in our mission, and permits us to take the subsequent 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 supplies underwriting information for BNPL lenders through 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 implies that it isn’t simply suppliers who will profit, but in addition shoppers who will be capable of more and more rely on 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 an entire image of shoppers’ borrowing and compensation historical past throughout totally different suppliers.
The funding can be used to construct out a best-in-class actual time information infrastructure utilizing fashionable expertise and drive buyer acquisition throughout key markets.
“Qlarifi is tackling transparency in a booming trade that’s demanding their resolution. The response Alex, Loic and the workforce have already obtained can be necessary for each companies and shoppers within the ecosystem”, stated John Eales, businessman and former Australian rugby captain. “It’s thrilling to have the chance to put money into their journey.”
In accordance with figures supplied by Qlarifi, there are almost 415k each 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 every year.
“We’re delighted to put money into Qlarifi as they work to remodel the quickly rising BNPL market,” stated Dean Dorrell, Associate at Carthona Capital. “With BNPL turning into an much more dominant drive, their deal with delivering subsequent era expertise is completely timed to satisfy the trade’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 constructive credit score historical past by means of the accountable use of BNPL. To us it was clear – we’re glad that our buyers agreed”, concluded Berthou.
