Category: commerce ventures

Affirm spinout Resolve raises $60M for its B2B ‘buy now, pay later’ platform



Buy now, pay later is everywhere these days, mostly focused on the consumer.

Resolve — a San Francisco-based startup in the space specializing in “buy now, pay later” capabilities for B2B transactions — announced today that it has raised $60 million in funding. Initialized Capital led the round — the company’s first funding since its 2019 inception. KSD Capital, Haystack VC, Commerce Ventures, Clocktower Ventures and others also participated.

The funding is a combination of equity and asset funding according to co-founder and CEO Chris Tsai, although he declined to reveal the breakdown.

Since launching as a spinout from Affirm in 2019, Resolve says it has seen “overwhelming” demand for its B2B buy now, pay later (BNPL) billing offering for business purchases. Notably, the two companies refer business to each other. Tsai describes Affirm founder Max Levchin as a “friend” with whom he has been working in a variety of capacities since 2012. (He’s also reportedly an investor in the company.)

Unlike Affirm — which is more focused on the consumer — Resolve is exclusively focused on business-to-business billing by automating the process of billing and purchasing on credit. What it’s doing is basically allowing businesses to defer payments digitally and on better terms than what they’ve seen historically via an automated underwriting process, the company claims. This, it says, can lead to faster invoice payment and thus, improved cash flow. 

The company also claims it can offer extended payment terms with buyers not having to pay any interest or (Read more...)

Weav raises $4.3M to knit together a universal API for commerce platforms



Weav, which is building a universal API for commerce platforms, is emerging from stealth today with $4.3 million in funding from a bevy of investors, and a partnership with Brex.

Founded last year by engineers Ambika Acharya, Avikam Agur and Nadav Lidor after participating in the W20 YC batch, Weav joins the wave of fintech infrastructure companies that aim to give fintechs and financial institutions a boost. Specifically, Weav’s embedded technology is designed to give these organizations access to “real time, user-permissioned” commerce data that they can use to create new financial products for small businesses.  

Its products allow its customers to connect to multiple platforms with a single API that was developed specifically for the commerce platforms that businesses use to sell products and accept payments. Weav operates under the premise that allowing companies to build and embed new financial products creates new opportunities for e-commerce merchants, creators and other entrepreneurs. 

Left to right: Co-founders Ambika Acharya, Nadav Lidor and Avikam Agur; Image courtesy of Weav

In a short amount of time, Weav has seen impressive traction. Recently, Brex launched Instant Payouts for Shopify sellers using the Weav API. It supports platform integrations such as Stripe, Square, Shopify and PayPal. (More on that later.) Since its API went live in January, “thousands” of businesses have used new products and services built on Weav’s infrastructure, according to Lidor. Its API call volume is growing 300% month over month, he said.

And, the startup has attracted the attention of a (Read more...)

Socure raises $100M at $1.3B valuation, proving identity verification is hotter than ever



The COVID-19 pandemic has accelerated digital adoption in a way that no one could have ever anticipated, and as more people conduct more services online and via mobile devices, businesses have had to work even harder to validate users and security. One company working to serve that need, Socure — which uses AI and machine learning to verify identities — announced Tuesday that it has raised $100 million in a Series D funding round at a $1.3 billion valuation.

Given how much of our lives have shifted online, it’s no surprise that the U.S. digital identity market is projected to increase to over $30 billion by 2023 from just under $15 billion in 2019, according to One World IdentityThis has led to skyrocketing demand for the services provided by identity verification companies. 

Historically, Socure has been focused on the financial services industry, but it plans to use its new capital to further expand into “every consumer-facing vertical” including online gaming, healthcare, telco, e-commerce and on-demand services.

The startup’s predictive analytics platform applies artificial intelligence and machine-learning techniques with online/offline data intelligence (from email, phone, address, IP, device, velocity and the broader internet) to verify that people are, in fact, who they say they are when applying for various accounts.

Today, Socure has more than 350 customers including three top five banks, six top 10 card issuers, a “top” credit bureau and over 75 fintechs such as Varo Money, Public, Chime and Stash.

Accel led Socure’s latest financing, (Read more...)