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Skeps will use the fund to expand its team, grow its customer base, and broaden the spectrum of its service

The startup claims to have enabled lenders over billion dollars worth of loan applications in the last 18 months

Skeps offer a cloud-based modular platform for merchants and lenders to identify the potential credit solutions for their customers with the highest likelihood of conversion

Fintech startup Skeps has announced the closing of its Series A round. The startup has bagged $9.5 Mn from Bertelsmann India Investments and existing investor Accel. 

The new funds will be used to expand the startup’s sales, marketing, engineering, and product teams, grow their merchant and lender client base and broaden services offered to their customers.

Founded in 2018 by Mayank Tewari and Prerit Srivastava, Skeps offers a cloud-based modular platform for merchants and lenders to identify the potential credit solutions for their customers with the highest likelihood of conversion. 

With the startup’s offering, merchants can provide financing options ranging from Pay-in-4 to longer-term loans with a straightforward integration and banks can use it as their answer to branded BNPL platforms or grow their unsecured lending portfolio.

Skeps claims to have sourced and enabled its lenders to evaluate over a billion dollars worth of loan applications over the last 18 months. 

Tushar Srivastava, CEO, Skeps, said, “With this latest fundraise, Skeps will continue to serve clients by providing them the next generation in POS financing solutions that can be readily deployed on their merchant site, physical stores, or any partner platform where their customers are shopping,” 

Studies show that paper money transactions have been witnessing a decline since the onset of the pandemic. While paper money transactions have seen a 33% drop globally, contactless payments have seen a 6-8% spike. 

This year, in India alone, digital payments / UPI payments have seen a 15.7% growth month-on-month and reported transactions equating to INR 6.06 Lakh Cr up 10.8% month-on-month. The startup sees fintech giants like Paytm, Razorpay, Khatabook, MobiKwik, among others as its competition.