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Baltimore based in-store financing platform Blispay has raised $12m venture funding in an undisclosed round led by Accomplice, FirstMark Capital and New Enterprise Associates. The company’s product allows small and medium-sized retailers to offer financing plans for customers’ bigger purchases.
It’s a way to help the merchants offer similar solutions to a big box store. Consumers apply online for a Visa card that has no interest on a purchase of $199 for six months. The card provides 2 percent cash back, and can be used anywhere. Since launching in early 2016, Lisiewski said the company worked to validate its model and grow the number of merchants using the tool. Now more than 500 merchants are using Blispay, and he said there’s been a wide variety of purchases financed — from water heaters to wedding dresses to tattoos. The company doubled the size of its team over the last year, and now has 27 employees. Lisiewski said hiring is currently focused on sales, and they will add others as needed.
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