An oversubscribed Series B funding round raising $15 million will accelerate international growth and bolster the team of Sydney-based bill payment platform Deferit.
Led by existing investor Carthona Capital and new investor Alceon Group, the $15 million raise will give the buy-now pay-later (BNPL) platform for bills a shot in the arm, after Deferit witnessed 150 per cent growth in the past 12 months.
The platform, which doesn't fund discretionary purchases but helps users manage household bills such as telecommunications, energy and car registrations, has already passed milestones of 250,000 users and helped Australians pay off over $100 million in bills.
Deferit CEO and co-founder Jonty Hirsowitz (pictured right) said the funds would be used to accelerate the company's growth via marketing and partnerships, and to grow its team with new hires.
"Our total focus is executing our vision to help more Australian's pay more bills on time and we're delighted with the support of Carthona Capital and our existing and new investors including Alceon Group," Hirsowitz said.
According to co-founder Mat Blas (pictured left), Deferit addresses a unique segment of the BNPL market, giving customers flexibility with bill payments by enabling them to be paid off in four fortnightly instalments.
"In the bill payment vertical we're addressing a different consumer need and pain point," says Blas.
"Consumers want and need flexibility around moving their payment dates and getting their budget on track and that's what we're allowing users to do: across all major billers; as any bill arrives; at the click of a button."
"The Deferit team led by Jonty Hirsowitz and Mat Blas have proven they can scale the business and manage risk and we believe they have the product and vision to make Deferit a lead player in the $211B Pay Later vertical of everyday bills," adds Carthona Capital partner Dean Dorrell.Never miss a news update, subscribe here. Follow us on LinkedIn, Instagram and Twitter.
Business News Australia
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support