Kafene Secures $75 Million To Accelerate Growth
Summary
The $75 million in capital allows Kafene to scale its retail footprint and significantly expand delivery of its financing platform to the 100 million-plus under-banked U.S. consumers who have limited or no access to credit for often vital purchases. Kafene has grown exponentially over the last year, a clear sign it is meeting the needs of underbanked consumers and the retailers who serve them. "We welcome this opportunity to work closely with Credit Suisse, Hudson Cove, and our equity investors," said Neal Desai, Co-Founder & Chief Executive Officer, Kafene. "The company is solving the seemingly intractable challenge of profitably serving the underbanked with affordable BNPL and flexible financing options while helping its users build better credit profiles." Best-in-class artificial intelligence and machine learning technologies allow Kafene to offer purchasing solutions to these consumers for furniture, appliances, electronics, tires and other goods.