ChargeAfter's Lending Hub selected as a technology provider for Citi Retail Services
ChargeAfter's Lending Hub selected as a technology provider for Citi Retail Services
Citi's retail arm will use the Israeli company's technology, which enables point-of-sale customer financing, in an agreement estimated to be worth millions of dollars.
Israeli fintech company ChargeAfter has signed an agreement with the retail arm of Citi Retail Services, one of the largest payment solution providers in North America.
ChargeAfter’s Lending Hub platform offers financing solutions from various credit sources, including installment plans at the point of sale, as well as a "buy now, pay later" platform for global banks and financial institutions.
Since there is no overdraft option in the U.S., many companies offer loans and cash payment options at the time of purchase. According to the agreement, which is believed to be worth millions of dollars over the coming years, Citi will utilize the Israeli company’s technology to offer the option to split every purchase into installments (similar to credit) or to obtain quick financing for the purchase of the product, all at the point-of-sale.
In early 2022, ChargeAfter completed a Series B funding round, raising more than $44 million, led by Phoenix. Other investors include Citi Ventures, Visa, MUFG, Banco Bradesco, Synchrony Financial, PICO Venture Partners, Propel Venture Partners, and The Phoenix.
Founded in 2017, the company is based in New York with a R&D center in Tel Aviv, where it has several dozen employees. Meidad Sharon, Founder and CEO of ChargeAfter, stated: "Our nimble, cutting-edge technology and rapid go-to-market tools for banks position us to support Citi Retail Services in expanding its Citi Pay products and enhance the customer experience at checkout."
