Bertelsmann leads $9.5 Mn Series A round in Skeps

Point-of-sale financial technology company Skeps has raised $9.5 million in its Series A round led by Bertelsmann India Investments. Existing backer Accel has also joined the round.

According to the Gurugram and New York-based startup, the fresh capital will be used to expand its sales, marketing, engineering and product teams.

Founded by Tushar Srivastava, Mayank Tewari and Prerit Srivastava, Skeps is a cloud-based modular platform used by merchants and lenders to help identify potential credit solutions for their customers. It serves businesses and merchants by deploying private blockchain technology to combine information across multiple platforms.

The startup claims that merchants can offer financing options ranging from Pay-in-four to longer-term loans with one simple integration. Banks can use it as their answer to branded BNPL platforms or grow their unsecured lending portfolio.

Earlier in March 2020, Skeps had raised $2.5 million in its pre-Series A round led by Accel India.