ChargeAfter expands its lending network with Snap Finance to
strengthen its subprime lender coverage, addressing the needs of up
to 57 million Americans.
NEW
YORK, July 16, 2024 /PRNewswire-PRWeb/ --
ChargeAfter, the embedded lending platform for point-of-sale
financing, announces its partnership with Snap Finance, a fast,
flexible pay-over-time financing option provider. The collaboration
strengthens ChargeAfter's subprime lender coverage, equipping
merchants with additional options to better support customers who
are likely to be declined for traditional financing or credit
models.
"We are delighted to partner with Snap
Finance, a leading provider of no-credit-required point-of-sale
financing options. This collaboration not only enhances our network
of lenders, but also reinforces the value that ChargeAfter delivers
to merchants and their customers." Meidad Sharon, ChargeAfter
Snap Finance offers consumers who are establishing or rebuilding
their credit access to lease-to-own and subprime installment
programs. Approximately 57 million Americans hold subprime credit
ratings emphasizing the market need for subprime purchase provision
solutions. The integration of Snap Finance into ChargeAfter's
network enables merchants to provide instant no-credit-required
financing options through a seamless waterfall experience at the
point of sale. This is crucial for retailers and service providers
in home goods, aftermarket auto and service, and beyond to improve
approval rates and drive revenue growth. Snap Finance is the latest
lender to join ChargeAfter's network which incorporates a diverse
range of point-of-sale financing options, catering to the entire
credit spectrum through a full point-of-sale financing
waterfall.
Cooper Blackhurst, SVP of
Strategic Partnerships at Snap Finance, commented, "Snap Finance is
thrilled to partner with ChargeAfter to help merchants deliver our
financing options to an underserved consumer segment. Snap's recent
research found 44% of credit-challenged consumers avoid retailers
that don't offer point-of-sale financing, demonstrating the
importance of full financing credit coverage for merchants and
their customers. Our partnership with ChargeAfter enables us to
connect with credit-challenged consumers at their moment of need
through an upgraded experience that requires a single application
and delivers instant notification of approval."
Meidad Sharon, CEO and founder of ChargeAfter added, "We are
delighted to partner with Snap Finance, a leading provider of no
credit required point-of-sale financing options. This collaboration
not only enhances our network of lenders, but also reinforces the
value that ChargeAfter delivers to merchants and their customers.
By expanding our network, merchants have an additional option to
cater to their entire customer base and achieve approval rates of
up to 85%, boosting sales and fostering customer loyalty".
About ChargeAfter
ChargeAfter is pioneering the embedded lending network for
point-of-sale consumer financing for merchants and financial
institutions. Powered by a network of lenders and a data-driven
matching engine, ChargeAfter streamlines the distribution of credit
into a single, secure, and reliable embedded lending platform.
Merchants can rapidly implement ChargeAfter's omnichannel platform
online, in-store, and at every point of sale, enabling them to
provide personalized financing choices to their customers.
ChargeAfter is backed by payment expert investors including
Visa, Citi Ventures, Synchrony Financial, Banco Bradesco, MUFG,
PICO Venture Partners, Propel Venture Partners, and The
Phoenix. ChargeAfter is
headquartered in New York with an
R&D center in Tel Aviv. For
more information, visit https://chargeafter.com/about-us.
About Snap Finance Company
Snap Finance harnesses the power of data to empower consumers of
all credit types to get what they need. Launched in 2012, Snap's
technology brings together more than a decade of data, machine
learning, and non-traditional risk variables to create a
proprietary decisioning platform that looks at each customer
through a more holistic, human lens. Snap's flexible solutions are
changing the face and pace of consumer retail finance. For more
information, visit snapfinance.com.
Media Contact
Varda
Bachrach, ChargeAfter, 972 0544824290,
varda.bachrach@chargeafter.com, https://chargeafter.com/
Investor Relations, ChargeAfter, ir@chargeafter.com,
https://chargeafter.com/
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SOURCE ChargeAfter