POS financing platform Skeps rakes in $9.5m Series A

Point of sale system developer Skeps has raked in $9.5m in Series A funding, with will support its team growth.

Bertelsmann India Investments served as the lead investor for the Series A. Participation also came from previous Skeps backer Accel.

Skeps will use the funds to accelerate its sales, marketing, engineering and product teams. The FinTech is also looking to bolster its merchant and lender client base and deepen its service offerings.

The PayTech company has built a suite of technology solutions for merchants and lenders. Merchants can leverage the technology to provide customers alternative transaction methods, including four instalment payments or longer-term loans.

It claims its technology has helped lenders evaluate more than $1bn worth of loan applications during the past 18 months.

Speaking about the investment, Skeps CEO Tushar Srivastava said, “We are excited to welcome Bertelsmann India Investments to the Skeps family for this latest round.

“With this latest fundraise, Skeps will increase our ability to serve clients by providing them the next generation in POS financing solutions that can be readily deployed on their own merchant site, physical stores, or any partner platform where their customers are shopping.”

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