Seel secures $17M round to infuse AI in customer product returns –
Shoppers themselves can add the assurance for a small fee at checkout to make items, like ones the merchant isn’t offering the service, returnable. Instead, they can pay a variable return assurance fee when an order is sold, and instantly lock in the net revenue and streamline a significant amount of revenue operations.” With the U.S. e-commerce market poised to be a $1 trillion industry by the end of this year, Peng says between 10% and 30% of merchandise is returned, with merchants continuing to take on the financial risk of managing the logistics. The company has been around for two years, and while its private beta started five months ago, Peng said Seel has close to 200 merchants using its software, ranging from boutiques to marketplaces. “With Lightspeed being an early and committed investor in Affirm and Justin (Overdorff)’s background from Stripe, the round was a perfect fit. While the company is focused on e-commerce, Peng envisions creating a new category of risk underwriting for everyday consumer activities, for example shopping, working and playing online.
Fintech & Banking