Today in FinTech news, buy now, pay later (BNPL) startup ChargeAfter looks to grow operations, and Opy gets into the car business. Plus, Jeeves raises significant capital in under two years and is now looking to further the global expansion of its proprietary infrastructure.
BNPL Startup ChargeAfter Raises $44M Series B for Expansion
ChargeAfter is using its latest infusion of capital to grow operations and add more retailers to its BNPL platform. The startup has raised $60 million since launching five years ago and has dozens of global financing lenders and banks integrated on its platform. Shoppers are offered multiple financing options with one application.
Payments Firm Opy Offers Financing for Car Repairs
Payments FinTech Opy is bringing its flat-fee, low-cost embedded finance platform OpyPay to the automotive industry for use at dealership service departments nationwide. The company previously offered its BNPL loans only in the healthcare sector.
Jeeves Raises $180M Series C at $2.1B Valuation
Jeeves is planning to use its latest funding round for the global expansion of its proprietary FinTech infrastructure. The startup, founded in 2020, raised $57 million in a Series B round in September and $26 million in a Series A round in June. Customers can use its platform to make cross-border payments and use corporate cards to pay vendors without having the expense of foreign exchange (FX) fees or using several financial institutions (FIs).
Utah FinTech Galileo Accelerates Colombian Expansion
SoFi Technologies subsidiary Galileo Financial Technologies has brought its payment processing services to FinTechs, challenger banks, financial services companies and investment firms in Colombia. The expansion is part of the Utah firm’s Latin American expansion efforts since launching in Mexico in 2020.
Payfare Increases Fuel Cash Back for DoorDash Drivers to 10%
Workforce FinTech platform Payfare upped its fuel purchase rewards for U.S. DoorDash workers to help offset the rise in car gas prices. Drivers with a Payfare DasherDirect debit card can earn 10% cash back on gas, up from 2%. Payfare offers mobile banking, instant payments and loyalty-reward solutions, and it specializes in tools for the gig economy.
Series A Brings $18M to Trading Platform Saphyre
Artificial intelligence (AI)-powered trading startup Saphyre is using its fresh capital to advance pre-trade and post-trade product development and continue interoperability initiatives with other FinTech/vendor solutions.
FinTechs Haul Freight Brokerages Into the Digital Age
While much of the logistics and freight industry has embraced digital solutions, freight financing has struggled to keep pace, Bharath Krishnamoorthy, CEO and co-founder at Axle, told PYMNTS’ Karen Webster. Credit and payments for shippers are still weighed down by paper processes, which slow down payments.