Upper90 provides tailored growth capital to top disruptors in eCommerce, FinTech, and Supply Chain Finance. Founded in 2018 by executives from Seamless-GrubHub and Goldman Sachs, the firm has grown AUM to $1.2B and has originated over $1B of additional co-investment capacity to LPs through SPVs and direct opportunities. Industry leaders like Thrasio, Clearco, Crusoe Energy, Clutch, Settle, and Octane have each secured an initial credit facility from Upper90, helping their founders scale with less dilution.

Upper90

Vine Ventures is an early stage, software-focused venture capital fund that invests in the U.S., Latin America, and Israel.

Vine Ventures

Deciens Capital is a venture capital firm that supports early-stage founders building the next generation of financial services. The firm seeks out visionary founders at the earliest stage of their journey – providing comprehensive support beyond capital to bring their ideas to life. Through strategic collaborations with industry leaders like Chipper Cash, the largest African fintech, Treasury Prime, the leading banking-as-a-service company, and Therma, a pioneer in industrial energy measurement and management, Deciens actively champions entrepreneurs driving the digital transformation of established institutions. Deciens was founded in 2017 by Daniel Kimerling and Zac Townsend and is headquartered in Albuquerque, New Mexico.

Deciens Capital

Gradient has been investing at the forefront of artificial intelligence since 2017. We are led by former founders, technical experts, and domain specialists who have supported hundreds of AI founders from the beginning. Gradient is headquartered in San Francisco. For more information, visit www.gradient.com.

Gradient

Quiet Capital is a technology investment firm.

Quiet Capital

m]x[v Capital is a venture capital firm that focuses on early-stage B2B and SaaS investments. Bringing a founder and operator perspective to the cap table. The firm was founded in 2021 and is headquartered in New York, United States.

m]x[v Capital

PayPal Ventures is PayPal's venture capital arm, investing in PayPal's strategic interest fields for return. Leveraging PayPal Venture's expertise and experience, PayPal – and the companies in which it invests – are helping to bring innovative solutions to market more quickly, scale them faster, and build a global financial system that is more transparent, personalized, inclusive, and customer-focused. PayPal Venture's investments reinforce its commitment to leading the financial technology industry and supporting entrepreneurship.

PayPal Ventures

Bag Ventures

Velvet Sea Ventures is a venture capital firm that helps entrepreneurs turn their visions into reality. With more than 80 years of combined experience as founders and venture investors and more than $2.2 billion invested, the firm provides seed-to-growth stage capital investments coupled with strategic support across all sectors. Velvet Seas partners’ past investments include such notable companies as Twitter (TWTR), Square (SQ), SpaceX, Snap Inc. (SNAP), Facebook (FB), Pinterest (PINS), Domo (DOMO), Buzzfeed, Namely, Eaze, Braze, and Map Anything (CRM).

Velvet Sea Ventures

Gynger

Gynger is the first payments platform for technology purchases with embedded financing. We're revolutionizing the way businesses buy and sell technology by providing a seamless tool to instantly unlock flexible payment terms for any tech purchase.

Gynger offers a flexible B2B payments platform that allows businesses to purchase software, cloud, and other technological infrastructure through flexible payment terms. The company provides unsecured lines of credit to its users, allowing them to finance their technology-related expenses and pay vendors upfront while repaying Gynger over an extended period.

Buy Now, Pay Later

How Gynger’s Mission-Driven Culture Empowers Everyone to ‘Leave Their Mark’

Gynger offers a flexible B2B payments platform that allows businesses to purchase software, cloud, and other technological infrastructure through flexible payment terms. The company provides unsecured lines of credit to its users, allowing them to finance their technology-related expenses and pay vendors upfront while repaying Gynger over an extended period.The platform leverages advanced AI and data analytics that allow businesses to apply for financing, receive credit decisions within a day, and access funds immediately upon approval. Gynger facilitates payments to vendors on behalf of its users, who then repay Gynger through structured payment plans over 3–12 months or in extended net terms of 30, 60, and 90 days.The company reported over 700% YoY growth in revenue and a 5x YoY growth in its customer base in June 2024.Key customers and partnershipsGynger serves a wide range of customers, from early-stage startups to mature, pre-IPO companies across various industries, including technology, real estate, retail, and healthcare. As of June 2024, Gynger has provided flexible payments for businesses across hundreds of software vendors, including AWS, Google Cloud, Okta, Cisco, Salesforce, HubSpot, Oracle, GitHub, Snowflake, and Amplitude.

Openpay is an Australian BNPL platform launched in 2016 offering flexible payment plans with deferments ranging between 2-24 months for transactions from AUD 50 to AUD 20,000 (approximately USD 36-USD 14,600). The platform focuses on the automotive, healthcare, home improvement, memberships, and education industries. In December 2019, Openpay was listed on the Australian Securities Exchange, raising AUD 50 million (approximately USD 35 million) in the process. This was roughly two years after it had to abruptly cancel its initial IPO plans and raised AUD 10 million (approximately USD 8 million) instead.Openpay’s B2C solution offers equal weekly and bi-weekly installment plans at no interest, with longer terms typically offered for larger ticket purchases. Its proprietary risk management technology drives the platform’s credit decisions, and it integrates with leading e-commerce platforms such as Shopify, PrestaShop, Magento, and WooCommerce. Furthermore, Openpay has a B2B trade account management solution that is separate from its BNPL service.Openpay generates revenue through merchant fees, which represent a percentage of the transaction value, customer fees (including late fees), an initial establishment fee, and a recurring plan management fee.Initially available in Australia and New Zealand, Openpay expanded its operations to the UK in June 2019, followed by a US launch in December 2020 under the brand Opy. However, it withdrew from the UK BNPL market in March 2022 citing its inability to compete in the market. It also revealed that it will continue to offer longer-term repayment plans for dental procedures and car repairs in the UK through partnerships.Key customers and partnershipsIt entered the veterinary market in the US via a partnership with ezyVet, which provides cloud-based software for veterinary professionals, and its plans are expected to be available on ezyVet platforms by early FY2022 in the US. It partnered with contactless payments firm Everyware in <a href="https://sp-edge.com/updates/5954">October 2021 </a>to offer the first-ever Pay-by-Text BNPL solution, followed by a tie up with American Express in <a href="https://sp-edge.com/updates/7084">December 2021 </a>.Openpay secured a strategic partnership with the payments processor Worldpay and Cross River Bank. As a result, Openpay’s payment plans were integrated with Worldpay’s payment gateway as the merchant acquirer for Openpay in the US, while Cross River was expected to serve as <a href="https://sp-edge.com/updates/5806">Openpay’s lender </a>for consumer financing loans to US customers, meaning it will fund and originate all loans on Openpay’s US platform. However, in July 2022, Openpay announced that it’s ceasing operations in the US market owing to economic headwinds stemming from rising interest rates and deteriorating consumer sentiment.

Openpay

PrimaHealth Credit (PrimaHealth) is a BNPL solution designated for elective medical procedures such as cataract surgery, orthodontic work, dental care, LASIK, and addiction treatment. PrimaHealth’s credit decision-making is handled in-house using proprietary credit underwriting models. With PrimaHealth, patients would pay 25% to 50% of the cost upfront, and the residual cost, running from USD 300 to USD 24,000, can be repaid over 2-4 months. PrimaHealth’s interest rates range from around 0% to 25% APR with an average loan size of USD 1,800 across all types of procedures.As of December 2020, PrimaHealth was available in Arizona, California, Florida, Oklahoma, and Texas, and plans to expand across all 50 states by 2021.

PrimaHealth Credit

Laybuy is a New Zealand-based BNPL provider offering its services in Australia, the US (beta launched in December 2020), and the UK through a partnership with the streetwear retailer Footasylum in 2019. The platform partners with Experian, a multinational credit bureau, to help with its credit decision-making. Through Laybuy, users can make online or in-store purchases over six weekly payments with no interest charges if paid on time. The in-store offering is facilitated by Laybuy’s “Tap to Pay'' digital card, available in Australia and New Zealand as of March 2021 and launched in August 2021 in the UK. The platform has an average customer transaction limit of GBP 240, and any missed payments will result in the user account being suspended and a late fee of USD 10.In FY2022, the platform reported gross merchandise volume (GMV) of NZD 868 million (~USD 600 million), reflecting 47% YoY growth. The platform’s revenue grew by 45% YoY to NZD 47.1 million (~USD 32.8 million). The UK operation accounted for the majority (~60%) of GMV in FY2022, improving on its ~50% share last year. The company also revealed that total active customers increased 23% YoY to 931,000, while total active merchants grew 50% YoY to 13,700. Laybuy was listed on the ASX from September 2020 to March 2023, after which it was <a href="https://sp-edge.com/updates/15915">delisted</a>.Laybuy issued <a href="https://sp-edge.com/updates/30597">receivership notice</a> in June 2024 due to financial pressures and economic challenges affecting its operations in New Zealand and Australia. The company stated that Laybuy Group Holdings Limited, Laybuy Holdings Limited, and Laybuy Australia Pty Limited were placed for receivership on 17 June and that its UK entities remain unaffected.Key customers and partnershipsIn May 2023, <a href="https://sp-edge.com/companies/976316">​​ </a>Laybuy collaborated with New Zealand-based Centrix, a credit bureau, to develop a credit reporting system, <a href="https://sp-edge.com/updates/18326">PayWatch </a>. The company also <a href="https://sp-edge.com/updates/18595">partnered with Eventfinda </a>, an event ticketing and marketing platform, to embed its BNPL solution and offer flexible payment options for event tickets. Laybuy secured partnerships with merchants such as Rakuten, AWIN, and Sovrn, giving users access to more than 5,000 merchants in the UK, including WHSmith, Asos, Nike, Marks &amp; Spencer, Amazon, and eBay.

Laybuy

Tamara is a Saudi Arabian BNPL platform provider offering customers the option to pay in 30 days or in three installments over 60 days at zero interest, making it Shariah-compliant. Tamara settles payments with merchants weekly for a commission-based fee, charging a late payment penalty of SAR 25 (approximately USD 7) from customers. These charges are capped at a lower rate between SAR 150 or 25% of the total transaction value. In September 2020, Tamara established a partnership with the e-commerce platform Salla, extending its reach to more than 10,000 merchants on the platform. As of June 2021, it operates in Saudi Arabia and the UAE with offices in Germany and Vietnam. In July 2023, Tamara <a href="https://sp-edge.com/updates/19954">secured a permit </a>to operate its flexible payment services from the Saudi Central Bank following a trial period of operation within the Saudi Arabian regulatory framework.Key customers and partnershipsThe company claims to be the market leader in the BNPL space in Saudi. It reported that its transaction volume grew 170% month-on-month and its customer base increased 180% month-on-month over the six months preceding its Series A round. As of January 2023, the platform had serviced over 9 million registered users and had over 30,000 merchant partners, including partnerships with firms such as IKEA, Jarir, Shein and Namshi.<a href="https://sp-edge.com/updates/27305">In March 2024</a>, Tamara partnered with UK-based <a href="https://sp-edge.com/companies/615710">Uqudo</a>, a digital identity verification platform, to enhance privacy and security on digital transactions. <a href="https://sp-edge.com/updates/25271">In January 2023</a>, the company partnered with Egypt-based <a href="https://sp-edge.com/companies/497895">Paymob</a>, a payment gateway platform, to provide an integrated solution that facilitated installment payments for customers in the Gulf Cooperation Council (GCC) region.Funding and financialsIn <a href="https://sp-edge.com/updates/24016">November 2023</a>, Tamara secured up to USD 250 million in debt financing from Goldman Sachs and Shorooq Partners. It comprises an incremental debt financing of USD 200 million of senior debt provided by Goldman Sachs (bringing its senior warehouse facility up to USD 350 million, an increase from USD 150 million raised in <a href="https://sp-edge.com/updates/17139">March 2023</a>) and USD 50 million mezzanine tranche led by Shorooq Partners, which brings the total warehouse facility up to USD 400 million. The company earmarked the funds to service its growing BNPL product demand and invest in developing new products and services.

Tamara

Fly Now Pay Later is a UK-based consumer credit provider regulated by the Financial Conduct Authority. The platform provides its services exclusively to the travel sector through a direct-to-consumer app (Anywhere) and an integrated checkout solution. The platform allows consumers to spread the cost of travel over a maximum of 12 months, with a limit of GBP 3,000 (approximately USD 4,200). The plans’ interest rates vary depending on the applicant's borrowing history; therefore, users may incur a one-off credit transaction fee. The payment plans can be applied to flight bookings, hotels, and car hires.The company has partnered with travel brands such as Lastminute.com, TravelUp, Kayak, LycaFly, and Trivago.The company secured GBP 55 million (approx. USD 75 million) in <a href="https://sp-edge.com/updates?industryIds=58">debt funding </a>from Atalaya Capital Management. The round follows its extended Series A round worth GBP 10 million (approx. USD 14 million) in May 2021. The debt infusion is earmarked to support its expansion efforts in the US, which it entered into in 2020.

Fly Now Pay Later

The providers plug into merchant checkouts and convert business purchases into installments.

These platforms integrate with the merchant’s e-commerce checkout and primarily offer the BNPL solution through their app. Consumers are restricted to shopping at merchants integrated with the provider in most cases.

These providers integrate with the merchant’s e-commerce checkout. The service is offered through the provider’s app or a virtual card that facilitates in-store application, including non-partnered retailers.

These companies offer merchants and financial institutions a white-label product to provide in-house BNPL solutions.

Solutions can use AI/ML to improve the quality of underwriting tools used in assessing consumers

Use of blockchain technology for customer screening is an emerging area

<div>
 Gynger, a tech financing platform, has secured USD 20 million through a Series A funding round. The lead investor for the round was PayPal Ventures, and several other prominent companies participated such as Gradient Ventures, Velvet Sea Ventures, BAG Ventures, and Deciens Capital. Alongside the raised capital, Gynger has secured a large debt facility, totalling to USD 100 million, from CIM.
 The raised funds are set to be used to accelerate the growth of Gynger's operations, team, and its integrated financing platform. This boost in resources will help the company strengthen its position in the market and further its success.
 Gynger’s platform offers an innovative approach to financing. By utilizing AI and data analytics, the company can provide faster credit approval than traditional solutions, creating streamlined processes for its users. The platform enables businesses to acquire software through non-dilutive capital, thus optimising their cash flow. Renowned vendors, namely Snowflake, Salesforce, and AWS, have already been utilizing Gynger's platform for their payment needs.
 
</div>

Gynger

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