Resolve raises $60 million to boost business financing

A group of fintech VCs have made a fresh investment in Resolve, a firm that offers alternative supply chain finance.

Resolve offers payment terms of 30, 60 or 90 days, with buyers paying no interest or fees if the payments are made based on the terms.

The sellers receive full payments upon the order, with Resolve’s fee removed. Resolve connects to clients’ financial systems to accumulate payment history to determine credit terms. It also processes payments, tracks transactions and automates reconciliation.

Initialized Capital, KSD Capital, Haystack VC, Commerce Ventures, Clocktower Ventures and Affirm all took part in the $60 million fundraise, which Resolve will use to add staff and enhance liquidity to support its model.

Affirm previously owned Resolve, and spun the company off in 2019. At the time, Affirm CEO Max Levchin said B2B e-commerce was outdated and archaic, creating a market for Resolve on the B2B side of buy now/pay later.

Affirm specializes in consumer buy now/pay later, a lending category that has expanded quickly in the past year, with Klarna, Split, and Afterpay all among firms competing in that market. Affirm’s merchant base for consumer BNPL has doubled in the past year.

Most Related Links :
nativenewspost Governmental News Finance News

Source link

Back to top button