Kafene Raises Additional $12.6M; Closes $31M Series B
Summary
The funding, which brought the total amount of the round to $30.8M, was led by Third Prime, alongside existing investors. The company intends to use the funds to further accelerate its merchant partnerships and its overall commercial business. Led by CEO Neal Desai, Kafene is a point-of-sale financing platform for merchants of furniture, appliances, electronics, tires and other goods to offer underserved consumers more flexible purchase options through transparent lease-to-own (LTO) agreements. It utilizes more than 20,000 data inputs in combination with artificial intelligence and machine learning technologies to approve, use efficient risk-based pricing, and enable payment in a near-instantaneous manner while creating a customer experience. Kafene has financed more than $100M in lease-to-own agreements in less than three years after the product first launched.