Alma, a BNPL (Buy Now, Pay Later) payment startup, has recently announced it has secured a whopping $130 million in a new funding round. This brings the total amount raised by this startup to $176 million.
With this impressive funding round, Alma can now offer its users even more convenient and easy-to-use BNPL products. In this article, we will examine what Alma offers and how it is revolutionizing the BNPL landscape.
BNPL payment startup Alma raises another $130 million round
Alma, a BNPL (Buy Now Pay Later) payment startup, is revolutionising traditional retail payment solutions by offering an easy, flexible and effortless way to pay for goods and services. By leveraging open banking and advanced financial technologies, Alma allows customers to spread out the cost of their purchase over a number of months with zero interest or additional fees. This allows people to shop without worrying about making payments on schedules or paying for items simultaneously.
In addition, convenient features such as budget-management tools and streamlined checkout processes make shopping easier than ever. Additionally, businesses benefit from partnering with Alma as customers are more likely to shop online due to the flexibility of this payment solution.
As a result of its state-of-the-art technologies and convenience factors, Alma recently raised $130 million in a new funding round led by Coatue Management with participation from Goldman Sachs’ Merchant Banking Division.
Explanation of BNPL products
Alma is a fast-growing BNPL (Buy Now Pay Later) payment startup that has most recently raised over $130 million in a round of funding. BNPL products allow shoppers to purchase items now, and pay for them over time – typically interest-free and without any impact to your credit score.
Alma offers three key products for customers: Quickpay, Instalments and Credit. Each product provides a different payment option depending on how much flexibility you need as a consumer.
Quickpay allows customers to divide larger purchases into two interest-free payments of up to $250 with no additional fees or penalties – perfect if you need extra time to pay or want to ease budget constraints. Instalments extend your payment timeline to 6 months or longer with the option for smaller payments throughout your agreement. In addition, customers can choose flexible repayment options including monthly due dates, instalments that adjust according to income changes and even deferring some payments until later in the term. Lastly, Alma’s Credit product gives shoppers more freedom with payments. It offers rewards when certain conditions are met – such as timely payments consistently on-time – which can lead to future discounts or advantages.
BNPL payments have become increasingly popular because they provide consumers with the convenience of purchasing items they need while still giving them financial freedom. If you’re considering purchasing an Alma BNPL product, look at their website for more information on how these payment options can help make your purchase easier than ever!
Benefits of Using Alma’s BNPL Products
Alma is a BNPL (Buy Now Pay Later) payment startup that has raised another $130 million in a round of funding. This means its customers now have access to a convenient, more cost-effective way of purchasing goods and services.
In this article, we’ll discuss the various benefits of using Alma’s BNPL products.
Convenience
With the increasing popularity of buy now, pay later (BNPL) payment methods, it is clear that consumers are turning to alternative forms of payment. With Alma’s BNPL products, users can make payments conveniently and easily.
When shoppers use Alma’s BNPL payment service, they can shop online and purchase immediately. There is no need to wait for approvals or signup forms as buyers do not need a credit history or limit to use this payment option. Since BNPL is an instant purchase method, they can access the purchased items immediately after completing the checkout process. Furthermore, it also provides a flexible yet easy instalment plan where the buyer will only have to pay the balance of an item later in instalments.
Moreover, since no information from credit bureaus is required for these transactions, there will be fewer chances of identity theft and other processing issues related to credit information. This means shoppers can enjoy a hassle-free experience using Alma’s BNPL products. In addition, buyers also get peace of mind knowing that their data remains secure when using this payment option as buyers’ data doesn’t pass through third-party services during transactions.
Overall, with its convenient and safe features plus its usage flexibility, it is clear why Alma’s BNPL products are becoming increasingly popular among consumers looking for alternative ways to make payments online.
Easy to use
Alma’s BNPL products are designed to make payment processes easier and more efficient. They offer comprehensive features such as easy onboarding, free returns, customizable payment plans, and fraud protection. Additionally, Alma’s BNPL products are integrated with major online stores to provide a seamless checkout experience for customers.
Alma’s BNPL products make the whole purchase process easier for shoppers by allowing them to “buy now and pay later.” Customers can choose from various payment plans that suit their budget and get credit for their purchases. In addition, shoppers will have access to free returns if they need to cancel or return any item bought using Alma’s services.
The convenience of paying in multiple instalments makes the buying process easier and eliminates any pressure caused by the thought of making large payments at once. Especially during the holiday season when shopping budgets tend to be tight, shoppers can easily manage their payments with this feature without worrying about buying too much at once. Furthermore, since everyone’s finances are different, all buyers can benefit from choosing a budget-friendly plan tailored to their own unique needs through Alma’s simple-to-use platform.
Flexible payment terms
Alma makes it easier to shop when you need something and pay for it over time. With Alma, customers have the flexibility to choose from a variety of payment plans to fit their budget and lifestyle. They can pay all at once, spread out their payments over multiple months, or even skip a month if needed — all for no extra cost.
Plus, consumers can change the payment plan throughout their journey with Alma. Additionally, customers get an estimated total cost before they purchase so there are never any surprises when it comes to pricing. Finally, Alma gives consumers control over how they want to pay by offering flexible payment terms.
Alma’s Recent Funding Round
A BNPL payment startup, Alma, recently raised another round of $130 million in funding. This impressive round of funding will give the startup the necessary resources to continue providing innovative and convenient payment solutions.
Let’s take a closer look at why Alma is such a successful startup.
Overview of Alma’s $130 million round
Alma, a buy-now-pay-later (BNPL) payment startup, has secured $130 million in a recent funding round led by private equity investor Insight Partners. The round also saw the participation of previous investors such as SGF Capital, Bessemer Venture Partners and Target Global. This marks Alma’s second major fundraising event after rounds of $23 million in 2018 and $50 million in 2019.
Founded in 2016, Alma enables shoppers to buy products and services online or in physical stores on instalments with no interest charges. The BNPL market has been growing by leaps and bounds since the start of this decade and is expected to reach 9.3 billion euros by 2022. In Europe alone, more than 1 billion people use BNPL services, accounting for 10% of all e-commerce transactions according to French business intelligence firm Societe Generale de Surveillance SA (SGS).
Alma’s financial strength will now be leveraged to accelerate its growth, develop new products and expand its reach both geographically in Spain, Italy and Germany as well as across sectors like travel or finance. With this capital injection, the company is now valued at an estimated 1 billion euros (about 1.2 billion US dollars).
Investors involved in the round
Alma, the buy now, pay later (BNPL) payment startup headquartered in Israel, recently announced that it closed its Series C round of funding for $130 million. The list of investors include Point72 Ventures and Propel Venture Partners. Additional investors include former Goldman Sachs CEO Lloyd Blankfein, Omer Saban of Saban Ventures Israel and René Aguirre of Aguirre Capital.
Alma’s existing investor Battery Ventures was also part in the deal. Battery had invested $10 million in 2019 when Alma launched its first Series B round, which raised a total of $50 million. This latest Series C round has pushed Alma’s valuation to nearly half a billion dollars. In addition, it will allow Alma to continue to develop its business model focused on offering global markets with simple and convenient payment solutions for their customers.
Impact of the funding round
The latest funding round of $130 million has enabled Alma to expand its presence in the BNPL space, positioning it as a leader in the market. This additional capital will also provide new opportunities to develop cutting-edge technology and innovative products that offer greater convenience and usability for customers.
The new funds will be used to strengthen the company’s customer profiles, helping to grow customer base and improve customer loyalty. Additionally, Alma plans to invest in data-driven tools, unlocking more personalised experiences tailored to each user’s preferences.
Moreover, this money will help Alma continue building out its financial services platform as it enters other countries and expands geographically. This will enable them to offer localised payment options worldwide, increasing acceptance from local retailers and international shoppers.
Notably, one of Alma’s key mission is making payments frictionless and seamless for both merchants and consumers around the globe. With this latest round of funding injected into its coffers, it can continue with its nonprofit initiatives such as discounting subscription fees for low-income households to make payments more accessible. In addition, by reaching out and supporting marginalised communities, it hopes to adhere more closely to its core values of fairness and democratisation of payments.
