Vienna-based fintech startup cashpresso raises €3.5 million to expand its e-commerce consumer financing service. The three founders convinced the existing investors plus Hevella Capital as new investor with their vision to further develop its sustainable growth path.
Founded in 2015 and launched in September 2016, cashpresso’s financing solution already counts more than 10,000 customers in Germany and Austria. cashpresso links customers, merchants and banks to offer consumer finance. The startup gives customers choice in how to pay for purchases, be it in full or in instalments, now or later. For merchants, cashpresso helps to convert more traffic to buy more. Easy to integrate, it is a straightforward way to boost sales.
Over the next years cashpresso will position itself as one of the most popular financing solutions in e-commerce and add benefit for its customers with a number of product enhancements.
“With around 20 FinTech Investments, Hevella Capital is one of the most important players in the industry. We look forward to working with such an experienced partner and are confident that we can benefit from the wealth of knowledge and extensive network in our field”, commented Daniel Strieder, co-founder and CEO of cashpresso, the new investment. “Also, we’re very proud about the united decision of our existing partners to invest again. Their renewed support for our goals and overall visions is a huge compliment and a clear sign that investors are satisfied with our work to date.”
cashpresso’s stated aim is to increase reach for its digital credit line, be it directly, via banking cooperations or through e-commerce partners as multipliers and to steadily increase the maximum credit line it offers. When financing purchases with cashpresso, customers profit from flexible repayments, simple repeat use and highly usable applications. To merchants, cashpresso is a free payment method that comes with 0% financing options to help boost sales by increasing conversion and average basket sizes.
To accelerate integration cycles in e-commerce, cashpresso developed plug-ins for the most common shop systems such as Magento, Woo-Commerce, Presta, Shopware and Drupal throughout last year. Apart from plug-ins, partners can integrate cashpresso through an easy-to-implement, in-house API.
Noel Zeh, Investment Manager at Reimann Investors: “cashpresso shows high, constant customer growth and an increasing number of important and high-profile partnerships. We therefore 100% support cashpresso’s growth strategy. Consistent product optimisation in the area of risk management and seamless integration into third-party e-commerce applications make it possible to address additional target groups. We look forward to stimulating additional growth with our investment.”
Apart from kickstarting the e-commerce strategy, the investment will help launch and establish added product features. These include a cashpresso credit card, concepts to financing purchases at offline POS, introducing comprehensive buyer protection and an overall increase in the maximum credit line.