LONDON, June 17, 2014 /PRNewswire/ --
Funding To Accelerate Growth After Achievement of 1,000+ Merchants Milestone
Pay4Later, the consumer finance platform that connects merchants and their customers to banks and finance companies, announced that it has secured Series A funding from MissionOG to support the company's rapid growth.
Pay4Later achieved record results in 2013 including a nearly 300% increase in revenue. Founded by CEO Scott Law, Pay4Later has developed a proprietary transactional finance platform that enables merchants to offer instant financing options to consumers, online and in-store. Since inception, the Pay4Later platform has processed more than 500,000 credit applications for over 1,000 merchants and their customers.
This funding will enable further development of Pay4Later's leading technology platform and increase its ability to match merchants and their customers to the most suitable lender.
"We founded Pay4Later with the goal to reinvent point of sale retail finance for the digital age. Our growth demonstrates that consumers' appetite to spread the cost of big ticket purchases is as strong as it's always been." said Scott Law. "We're excited to have MissionOG, a firm that provides operational expertise at critical periods of growth, as a financial investor and partner in our growth."
MissionOG is a growth stage investor focusing on companies that sell technology solutions to businesses. Pay4Later also announced that MissionOG Chairman and Managing Partner Gene Lockhart has been named to the company's Board of Directors. Gene is the former Global CEO and President of MasterCard.
"Pay4Later's combination of proven technology, platform flexibility and ease of deployment has led to its rapid growth and marketing leading position," said MissionOG's Lockhart. "Our investment will help the company accelerate its growth and continue its goal of fundamentally improving the way in which merchants provide and customers receive financing for valuable goods and services."
Founded in 2008, Pay4Later is the UK's fastest growing provider of point of sale credit. Pay4Later enables retailers to offer point of sale finance solutions (including interest free credit) to their customers online, in-store and by email. Designed from the ground up around a paperless e-signature process, Pay4Later redefines point of sale finance for the digital age. Now retailers can offer credit across all sales channels using existing payment infrastructure. Customers get an instant decision and can sign their credit agreement on screen. No paper forms, no waiting, no hassle.
MissionOG provides human and financial capital to build B2B companies that have proven feasibility. MissionOG applies the capabilities of proven operators, instills a market driven approach to development, and leverages a highly engaged group of investors to help portfolio companies scale well beyond commercialization. Headquartered in Philadelphia, Pennsylvania, MissionOG is managed by entrepreneurial operators who have themselves built early-stage businesses and guided them through successful acquisitions.
SOURCE Pay4Later Limited