ePayLater has closed its pre-series A funding round which was led by ICICI Bank and also saw participation from GMO Global Fintech Fund. With this capital infusion, ePayLater is better poised to ramp up its technology architecture as well as strengthen its product. The company had earlier raised USD 2 million during its angel round of funding. This company offers interest-free credit terms for a 14-day period through its unique ‘Buy Now, Pay Later’ facility. It offers the smoothest possible checkout and payment experience, as users don’t have to pull out their card to complete a transaction. Talking about the development, ePayLater’s spokesperson, said, “ePayLater continues to push the boundaries of innovation to bridge the credit divide in the country.
Credit at the point of sale is a need of millions of customers across the country and ePayLater is working towards providing convenient digital solutions for the same. We are indeed delighted that this esteemed group of investors has shown faith in our business model and have invested in our platform so that we can scale faster and fulfill our vision with greater agility.”
ePayLater has tie-ups with prominent merchants/marketplaces that allow customers to use this facility, including industry leaders such as IRCTC, Oxigen, PVR, Croma etc. Continuous innovation has made it possible to increase the reach across large number offline merchants as well which accounts for about 97% of all P2M payments today.