M&A / FundingPayments

E-commerce support company SellersFunding raises $166.5M

SellersFunding, a fintech providing financial technology services to e-commerce businesses, announced Tuesday raising a combined $166.5 million in funding through a Series A equity round led by Northzone and credit exchange.

Although the company did not disclose the exact funding split, the company says it will use the money to expand its team, create a marketing budget, scale globally with investments in cross-border payments, and look for acquisitions in the U.S. and Europe.

“When I look at the payments landscape, companies are competing on pricing and I don’t think we will ever have a focus there, but instead will compete on customer experience. Our core business will always be lending and our core investments will be payments and technology, but then we will extend to other services that our clients want,” SellersFunding CEO Ricardo Pero told TechCrunch.

Endeavor Catalyst and alternative asset manager Fasanara also participated in the Series A, with Northzone giving SellersFunding a partner in Europe to help international expansion. The venture capital firm is a previous investor in companies including Klarna and fuboTV, according to Reuters.

Pero says that the company also previously raised two seed rounds for a total of $40 million in equity and more than $100 million in credit facilities, which is expected to expand to $200 million. Fasanara led that $100 million multi-currency deal to enhance SellersFunding’s liquidity and expansion efforts, according to a press release.

Founded in 2017, SellersFunding provides financial services to e-commerce clients via its digital platform, including working capital, cross-border cash management, tax solutions and business valuations.

The company currently has over 30,000 users registered and is close to $10 billion in sales volume, with 300% year-over-year growth to date. It generates revenue on fees it charges for payments collected by customers, as well as through lending.

SellersFunding also provides sales data from marketplaces and platforms via its free analytical tool Sellers Signals. The service creates estimates for sales and cash flow based on credit limits, enabling owners to better understand fee structures for smarter business decision making.

“Normal banks like Barclay can’t check credit. SellersFinding is helping small businesses get this credit, and rightly so. In the same way we thought neobanks won with accounts created when it comes to delivering credit and banking products, they are nowhere to be found yet,” Northzone general partner Jeppe Zink told TechCrunch.

In other recent fintech news, New York Community Bank announced the release of a blockchain-enabled payment processing process through a new digital marker, which enables real-time secondary trading of its stocks. Headless e-commerce provider commercetools also raised a $140 million Series C led by Accel.

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