Kafene, a NYC-based provider of a point-of-sale platform that helps retailers offer flexible purchase options through lease-to-own (LTO) agreements, raised $15M in Growth capital.
Trinity Capital (Nasdaq: TRIN) provided the financing.
The company intends to use the funds to continue to scale its commercial operations and reach a broader consumer base.
Led by Neal Desai, CEO, Kafene is a point-of-sale leasing company dedicated to empowering flexible ownership solutions for customers nationwide. By enabling its retail partners to offer flexible LTO purchase options for prime and nonprime consumers, the company helps merchants grow their customer base, and meet growing demand for furniture, appliances, electronics, tires and other durable goods. Utilizing AI and machine learning technologies, its platform creates an experience for both merchants and customers.
In 2023, Kafene finalized its Series B venture funding round at $31m in equity financing led by Third Prime alongside existing investors. The company has generated more than $150M in incremental sales for its retailer partners since its launch in 2020.
Commenting on the news, Neal Desai said: “This partnership will fuel our ability to serve Kafene’s growing network of merchants and customers while delivering high-quality credit performance for years to come.”
FinSMEs
31/01/2024