Deferit

Deferit is an Australian BNPL provider offering solutions to finance household bill payments such as phone, internet, energy, and insurance. Users can upload their bill payments to the Deferit platform and pay in four bi-weekly installments. Deferit does not charge any late fees or interest. In addition, Deferit offers financial budgeting tools to track bill payments, payment dates, and overall finances. The company generates revenue through a fixed monthly subscription fee of approximately AUD 6 for a limit of AUD 2,000 (approximately USD 1,500). Furthermore, it charges 1.5% plus AUD 0.2 per transaction, including a card surcharge and payment transaction fee.

Key customers and partnerships

As of March 2021, the platform had more than 250,000 users and facilitated over AUD 100 million (approximately USD 77 million) in transactions across 500,000 bill payments, with 85% accounted for by the top 20 billers, including Telstra, Optus, AGL, Energy Australia, and Foxtel.

Funding and financials

In March 2021, Deferit raised AUD 15 million (approximately USD 12 million) in an oversubscribed Series B funding round led by Carthona Capital and new investor Alceon Group. Deferit allocated the funds to expedite its international expansion plans through marketing and partnerships and boost hiring among its Sydney-based team. The round follows what the company claims is a 12-month period where the demand for its services grew by 150%.