Qlarifi, a fintech start-up transforming credit reporting for Buy Now, Pay Later (BNPL), has announced the successful completion of its pre-seed funding round. The round, backed by a combination of HoneyComb Asset Management, Carthona Capital and a selection of angel investors including Australian rugby legend John Eales, raised £1.4 million to accelerate the company’s mission of bringing repayment transparency to the BNPL industry.
This milestone marks a significant step forward in Qlarifi’s journey to provide BNPLs with consumer credit data in real time. Qlarifi’s platform aggregates BNPL consumer credit data, creating a complete picture of customers' borrowing and repayment history across different providers. The funding will be used to build out the best-in-class real-time data infrastructure using modern technology and drive customer acquisition across key markets.
There are nearly 415,000 daily BNPL applications in the UK, dwarfing credit cards, the second most prominent form of lending, which sits at just 68,000 per day, and the market is only growing. BNPL holds a 5% market share in e-commerce transactions, which is growing dramatically each year.
Qlarifi’s co-founders, Alex Naughton and Loic Berthou, bring a wealth of industry experience and technological expertise. Their solution means that it isn’t just providers who will benefit, but also consumers who will be able to increasingly rely upon BNPL as a responsible lending product. Built on the ethos of transparency, Qlarifi’s platform has already garnered attention for its impactful solution.
