Swedish fintech Zaver raises $5M to bring cardless payments and BNPL to ‘durables’ sector

Zaver, a Swedish fintech that enable merchants to accept cardless payments and offer buy-now-pay-later (BNPL) as an option, has raised $5 million in new funding.

The company, which began life focused on P2P payments for marketplace transactions, is now doubling down on the durables sector (think: automotive, health & beauty, craftmanship etc.) for both online and offline commerce, after claiming to have found product-market-fit.

Backing Zaver’s new round are VCs Inbox Capital (the firm that has invested in the likes of Revolut and Klarna), and Inventure. Other investors include Fredrik Österberg (founder of Evolution Gaming), Magnus Rausing (angel investor), Joen Bonnier (partner at Atomico), and Fabian Hielte, Max Hobohm and Johannes Hobohm, (owners of Ernstrom).

Founded by Amir Marandi and Linus Malmén in mid 2016, while both were students at the KTH Royal Institute of Technology in Stockholm, Zaver wants to accelerate the move away from plastic cards, to mobile payments. Its target market is “durables,” starting in Sweden. Payments functionality and features include online and offline cardless payments powered by open banking, instant payouts for merchants, BNPL and credit scoring.

“By durables, we mean goods (and services) that do not need to be purchased often, and typically last for a longer period of time e.g. automotive, a visit to the dentist clinic, or kitchen renovation,” Marandi tells me. “[These] are often higher transaction value than ‘common’ retail products or services”.

Since the launch of “Zaver for (Read more...)