Danish buy now, pay later (BNPL) company ViaBill has secured $120m in an equity and debt financing round, which it will use to support its expansion plans.
The funding comes after ViaBill and its partner, Mastercard, developed a BNPL solution that can be used both online and in stores.
The product has already been introduced in Denmark, Spain and the US.
ViaBill plans to use the proceeds from the funding to expedite the installation of this solution.
ViaBill CEO and co-founder Jan Lytje-Hansen said: “We see huge demand for BNPL that isn’t limited to online stores – 80% of our consumers’ spending happens offline.
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“While other large BNPL players like Klarna, Afterpay and Affirm have successfully infiltrated the online payment space, there’s a lack of BNPL solutions that support brick and mortar shops.
“We solved this. Consumers around the world can download the ViaBill app, enter a limited set of data and have ViaBill’s advanced credit decision engine immediately evaluate their creditworthiness.
“If successful, a virtual credit card is issued on the spot, which the consumer can push to their wallet and use to pay as usual.
“It’ll be interesting to see if offline BNPL will disrupt the payment mechanisms as rapidly as we’ve seen in the online space.”
ViaBill tested the shopping behaviour of roughly 11,000 consumers in the previous quarter and found a huge growth in BNPL transactions.
The company offers BNPL solutions, which allow payments to be split into instalments and paid back over time without interest, to merchants and shoppers.
It is supported by venture capital firms Headline and Blackfin.
ViaBill’s latest funding round was led by UK-based alternative asset management firm Fasanara Capital.
Fasanara Capital CEO and co-founder Francesco Filia said: “Consumers of today want convenience and flexibility when they shop online and offline and, at Fasanara Capital, we want to support leaders in this space”.
