To illustrate the challenges of the BNPL market, Splitit announced plans to go private with $60 million in funding once they establish a new corporate HQ in the tax haven of Cayman Islands. Meanwhile, Sezzle started trading on NASDAQ after four consecutive quarters of profitability and last year’s failed acquisition by Australia’s Zip.
Turkish fintech Param acquired the Czech Republic-based BNPL service Twisto with plans to expand operations in Germany and Netherlands. Singapore-headquartered Atome announced BNPL growth plans for the Philippines following a $100 million credit facility from HSBC. Fundiin’s one-year partnership with Shopify topped more than 500 merchants on its platform with more growth ahead. The editors at Money announced their choices for 2023’s best BNPL apps.
BNPL is bumpin’.
Splitit plans to go private with new investor funding
Splitit announced a $60 million funding round from strategic investors including Thorney Investment Group, Parea Capital and Motive Partners. Of the new funding requires Splitit to delist from the Australian ASX with investor approval, and then form a new corporation in the tax haven of Cayman Islands. The company has offices in Atlanta, London, and Tel Aviv. Techcrunch
Sezzle starts trading on NASDAQ
Sezzle was named one of CNBC’s top FinTech companies for 2023 and has become one of the big players in the buy now, pay later (BNPL) space. After a failed acquisition by Australian-based Zip in 2022, Sezzle reached profitability in its past four consecutive earnings quarters. By July, the company serviced nearly 190,000 subscribers across its Premium and Pay Anywhere subscriptions. PYMNTS
Turkish BNPL fintech Param acquires Twisto and plans EU expansion
Param has acquired Twisto from Zip for an undisclosed sum providing the Turkish fintech with growth opportunities for growth as it aims for profitability in 2023. SCA-approved electronic money institution ParamUK enables international and domestic transfers in the UK. Param plans to expand its EU footprint starting with Twisto’s core markets in the Czech Republic and Poland, followed by Germany and the Netherlands. BusinessWire
BNPL startup Atome renews $100 million for Philippines expansion
Singapore-headquartered Atome says it has more than 40 million app downloads with $4 billion in loans since launching in 2019. Targeting unbanked and underbanked consumers, the company recently renewed a $100 million credit facility from HSBC Singapore for its planned expansion of BNPL services in the Philippines. An estimated 34.3 million Filipino residents remain unbanked. TechinAsia
Fundiin strengthens position as Vietnam’s leading BNPL provider on Shopify
After one year, in partnership with Shopify Vietnam, Fundiin has provided BNPL payment services to millions of shoppers for merchants including Sulwhasoo, Crocs, and Supersports. Fundiin is Vietnam’s leading BNPL provider with more than nearly 500 merchant partners, including LOTTE Cinema, Galaxy Play, Paula’s Choice, Sulwhasoo, Reebok, Vans, and Unilever. Investors included Trihill Capital, ThinkZone Ventures, Genesia Ventures, 1982 Ventures, Jafco Asia, and Zone Startups Ventures. Cision
Money’s six best BNPL apps for 2023
Here are Money’s 2023 best six choices for BNPL apps and features: Afterpay (Best for Rewards); Affirm (no fees); Klarna (variety of financing options); PayPal (ease of use); Apple Pay Later (for Apple Store, iPhone users); Sezzle (for building credit), and an honorable mention to Zip (four payments by Visa anywhere). The editorial team does a good job of pointing out the pros and cons of each by now pay later service. Money