Slope brings on a new CFO, customers, capital as it rises to offer enterprises to buy now, pay later
- ByStartupStory | April 16, 2022
Slope, a company that makes it simple for businesses to offer buy now and pay later options, has been busy for six months. Given that the buy now, pay later market was valued at $16 billion in 2021 and is expected to grow nearly sixfold by 2029, this isn’t surprising.
Its API system can qualify firms for the BNPL in seconds, allowing them to start selling installments right away. Customers select the payment arrangements that are most convenient for them throughout the checkout process. The Sope is in charge of the lending, underwriting, and debt collection, and will pay the company once the product or service is delivered.
The company’s founders, Alice Deng and Lawrence Murata believe the main thing that has happened is expansion, following an $8 million seed investment announced last November. They had roughly 121 percent month-over-month growth during those six months and signed up enough enterprise customers to increase more than 20 times in the quarter, with a growing waitlist.
PlastiQ, Frubana, Meru.com, Blue Pallet, and Go4U are among the B2B merchant partners that offer to finance over 2,500 firms in the United States and Mexico. Customers’ average orders have increased by 168 percent, or over three times the basket size, according to the company. Deng described Slope’s take off roughly 26% of a marketplace’s total gross retail value as “extremely encouraging numbers” and “an inflection point, which is why we want to prepare to grow.”
In addition to its expansion, the company today announced a new round of funding, a $24 million Series A round led by Union Square Ventures and Monashees, with participation from Tiger Global Management, Global Founders Capital, and a group of founders and executives from companies such as Dropbox, DoorDash, Opendoor, Plaid, Rappi, Deel, Brex, Faire, Affirm, Adyen, and Checkout.com. The latest investment brings the total amount raised to $32 million.
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