Tech

E-Commerce FinTech Boost plans to launch in London after a € 12 million funding round: CityAM

Booste, a Polish fintech that provides revenue-based funding for e-commerce companies, plans to launch in London after raising € 12 million (£ 10 million) in a new funding round. ..

Co-founded by former Uber Eats executive Jakub Pietraszek, the startup is funding e-commerce companies to fund growth through digital advertising, marketing campaigns and inventory spending on Facebook and Google.

The Series A funding round, led by Polish fintech investor DialCom24, will take place just four months after the company announces its launch and first seed round in January.

Booste said it would use cash injections to fund its expansion into the UK, Ireland and the Netherlands.

A spokeswoman said the company chose the UK because of the strength and size of the e-commerce market.

“At the same time, UK companies are generally already familiar with revenue-based finance, but the market is never oversaturated. There are gaps, especially when it comes to financing needs for small and medium-sized e-commerce businesses, Booste. Is in a good position to deal with it, “they added.

The company is one of the growing numbers of FinTech offering revenue-based financing (RBF), a rapidly growing financial tool, partly due to the pandemic.

Instead of traditional bank loans that require credit checks and guarantees, or venture capital that leads to equity losses, RBF gives companies quick access to financing and repayment on revenue.

The RBF market is projected to grow from $ 901.4 million in 2019 to $ 42.3 billion by 2027, according to a report from Allied Market Research.

Booste charges a flat rate and can fund it within two days. It has been in operation for at least 6 months and is available to businesses selling through integrated platforms such as Shopify.

The company wants to invest in more and more businesses in the e-commerce sector as pandemics are accelerating the transition to online shopping.

“Last year, the e-commerce business surged and more people are shopping online than ever before, but that means competition is much harder,” said co-founder and CEO. Said Jakub Pietraszek.

“With Booste, e-commerce business owners can cut noise by providing funding that they can access and use to grow on their terms. Thanks to this funding, Booste is in Europe. We are pleased to be able to expand to more companies inside. ”



E-Commerce FinTech Boost plans to launch in London after a € 12 million funding round: CityAM

Source link E-Commerce FinTech Boost plans to launch in London after a € 12 million funding round: CityAM

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