Wisetack Raises $45M in Series B Funding to Accelerate Buy Now, Pay Later for In-Person Services
SAN FRANCISCO, Sept. 9, 2021 /PRNewswire/ -- Wisetack, a technology company that brings buy now, pay later to in-person services like home and auto repair, today announced a $45M Series B fundraise, led by New York-based global private equity and venture capital firm Insight Partners, with existing investors Greylock Partners and Bain Capital Ventures, among others, also participating in the round. This brings the total amount raised by the company to $64M since the company's founding in 2018.
The company will use the investment to accelerate the strong growth it has seen to date, including supporting further expansion into verticals such as auto repair, elective medical, dental and veterinary, legal services, and more.
"In just a couple of years, Wisetack has become the go-to leader in embedded financing for home services, partnering with vertical SaaS leaders such as Housecall Pro and Jobber, who offer consumer financing to their customer bases of tens of thousands of home services professionals," said Bobby Tzekin, CEO of Wisetack. "With this new influx of capital, we can continue to build the teams and resources necessary to expand faster into other service-based categories."
"Wisetack has a differentiated platform for embedded BNPL that is purpose-built to address use cases that are both more complex and less well-served than e-commerce," said Rebecca Liu-Doyle, Principal at Insight Partners. "The Wisetack value proposition is a true win-win-win—for partners, merchants, and consumers alike. With its exceptional product and experienced management team, it's clear that Wisetack is primed for continued rapid growth."
Buy-Now-Pay-Later (BNPL) has surged in popularity over the last few years. Wisetack differentiates itself from others by focusing on service-based businesses, seamless API integrations into business software, and a fast and easy consumer financing process, which brings the ease of BNPL to much larger transaction sizes when compared to ecommerce.
Most service businesses are SMBs, who have historically been harder to serve than large ecommerce players. Yet the market for offline commerce is much larger than that for ecommerce. Americans spend more than $400 billion a year on residential renovations and repairs alone,1 while the United States automotive repair and maintenance services market is projected to reach $250B by 2026, up from $201B in 20202.
"Integrating Wisetack into our existing software was a quick and seamless process, and more importantly, has brought tremendous value to our customers." said Laura Collinson, who heads Jobber's Fintech business. "Wisetack has helped Jobber customers offer a better experience to homeowners, and become more competitive in the market. We're proud to partner with Wisetack and together help small and medium-sized home service businesses be more successful."
Through its suite of APIs, Wisetack embeds financing options into software platforms that thousands of businesses already use in their day-to-day operations. With Wisetack, in-person businesses can offer financing to consumers in minutes, while consumers can pay over time for purchases without surprises or unexpected fees.
Wisetack is actively hiring: wisetack.com/careers
Founded by an experienced team in payments and lending, Wisetack helps in-person businesses offer financing to consumers. Through its suite of APIs, Wisetack embeds financing options into software platforms that businesses are already using in their day-to-day operations. Backed by Insight Partners, Greylock, Bain Capital Ventures, and others, the team is based in San Francisco. Wisetack loans are issued by Hatch Bank. For more information on Wisetack, please visit: https://www.wisetack.com/
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.