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Vyze closes $13.1m in venture capital financing

Published 11 August 2017

Vyze, a provider of cloud-based financial technology solutions for retailers, has closed $13.1m in venture capital financing.

The Series C round is led by Austin Ventures with additional investment from Fathom Capital and Starvest Partners. Vyze also welcomed Ken DeAngelis, Co-Founder and General Partner at Austin Ventures to the Vyze Board of Directors.

The funding will be used to accelerate growth and fuel product innovation and expansion as leading retailers adopt Vyze’s multi-lender platform to connect more consumers with more credit options at checkout. Over the past 12 months, Vyze has more than doubled its retail client base and increased the finance volume through its platform by 700%.

The company has also continued to forge new partnerships with market-leading lenders to provide diverse financing options for consumers, ranging from branded store credit cards to installment loans to lease-to-own. Vyze is currently live in more than 2,000 stores throughout the U.S., in addition to leading eCommerce sites and call centers.

“Traditional retail financing relies on an outdated retail financing model, resulting in limited consumer choice, and credit rejection rates that average 50% in the store and up to 75% online,” said Keith Nealon, CEO of Vyze. “In contrast, the Vyze platform connects retailers with a variety of lenders, boosting approval rates to upwards of 80%. Retailers using Vyze gain access to multiple credit solutions to better serve all their customers and drive continuous growth.”

“Vyze is bringing much needed innovation to the retail financing market with a platform that optimizes the entire industry, similar to a service like Airbnb in the lodging industry,” added Chris Pacitti at Austin Ventures. “Building out this type of optimization for a marketplace is not a trivial task, but Vyze is now at the point where network effects are starting to yield the exponential growth promised by the model.”

Source: Company Press Release