Bill Flat, Inc. , a leading consumer credit innovator, today announced that it has raised $21 million in new investment funding to advance the development of its suite of flexible consumer credit options. Investors in this round of funding focused on a new, secure More-Time-to-Pay (MTP) platform that provides flexibility in real-time payment to consumers seeking more time to pay for purchases and services. BillFloat’s MTP platform provides online, in-store and mobile device solutions to consumer financing in real-time.
This investment round was led by Investor Growth Capital and was joined by returning venture investors Venrock, FirstRound Capital and Baseline Ventures. New investors include Bronze Investments, a firm that seeks to align strong financial returns with positive social impacts. Previous investment rounds have provided $15 6 million for a total investment of $36 to date $9 million
“We are revolutionizing credit delivery with our innovative More-Time-to-Pay platform and our growing network of banking, retail and service provider partners,” said Ryan Gilbert, CEO and co-founder of BillFloat. “BillFloat will change the way consumers buy products and services and open up a wave of new opportunities for our partners. “That’s right.
“The More-Time-to-Pay platform offers a necessary and unique approach to credit delivery that fits into the real-time experience of consumers and businesses,” said Brian Mulvey, Vice President of Investor Growth Capital. “There is a demand in competitive markets to help all consumers pay their purchases responsibly, even if they do not have a credit history or a limited budget. “That’s right.
This new investment strengthens the company’s growth opportunities. With more than 700,000 registered users, BillFloat adds an average of 3,000 to 5,000 customers per day and plans to provide more than $400 million in credit to its customers by the end of 2013. Bank Technology News recently recognized BillFloat as the “Top 10 Technology Company to Watch” for 2013.
“BillFloat continues to build a credit delivery platform that is unmatched in the industry and is committed to helping consumers achieve greater financial stability,” said Brian Ascher, Venrock’s partner. “This opens up more options for all consumers, including those under-served on the market. “That’s right.
Brian Mulvey, Vice President of Investor Growth Capital, and Stephen DeBerry, Managing Partner of Bronze Investments, will join Venrock’s Brian Ascher, First Round Capital’s Rob Hayes, veteran financial services executive and investor Mark Goines, BillFloat, co-founder and CEO Ryan Gilbert, and Sean O’Malley, co-founder of BillFloat’s Board of Directors.
BillFloat’s More-Time-To-Pay (MTP) platform (www) Pay moretime2 (com) connects lenders to retailers and service providers to provide instant financing solutions for consumers and small businesses; The MTP platform delivers these instant financing solutions on-line, in-store and mobile. BillFloat, based in San Francisco, was founded in 2009 by a team of experienced financial services contractors with the support of leading venture capital firms.
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