AUSTIN, Texas--(BUSINESS WIRE)--Vyze, a leader in cloud-based financial technology solutions for retailers and manufacturers, today announced that momentum continues to accelerate for the company’s innovative financing platform that provides more consumers with access to capital when they need it most.
As of January 2017, the Vyze platform has connected hundreds of thousands of consumers with new financing options and opened up more than half a billion in purchasing power at the point of sale. Vyze is currently live in more than 2,000 stores throughout the U.S., as well as within leading eCommerce sites and call centers, and is expecting that number to triple in the next six months.
“Vyze is disrupting the traditional financing paradigm to give more consumers more purchasing power when shopping online and in stores,” said Keith Nealon, CEO of Vyze. “However, nearly half of consumers today are declined for credit at the point of sale, with almost three out of four consumers being declined for financing when shopping online, resulting in lost revenue and a profoundly negative customer experience. Vyze resolves this by bringing a full spectrum of lenders to businesses so that they can provide financing to more of their customers. I am proud of all that we've accomplished in 2016, and look forward to working with our world-class clients and partners to transform retail financing in the year ahead.”
Vyze more than doubled its financing volume in 2016 (135% year-over-year growth), with repeat purchases accounting for nearly half of the gain. The company exited the year with the strongest quarter in its history due to surging holiday demand from retailers and consumers. On Black Friday weekend alone, Vyze transactions soared 550% compared to the same period in 2015. Additional 2016 momentum highlights include:
- Corporate Expansion: Vyze also continued its strong revenue growth trajectory in 2016, driven by the addition of new clients and buoyed by a full corporate rebrand and several key executive appointments including Keith Nealon as CEO. A 20-year technology executive, Nealon brings deep experience in scaling high-growth public and private technology companies to Vyze. In June, the company announced $13 million in financing in a Series B round led by Austin Ventures and StarVest Partners.
- Record Client Success: Vyze more than doubled its client base in 2016 as leading retailers and manufacturers sought new ways to simplify and improve the financing experience. With Vyze, retailers open new doors to growth and enhance the customer experience for both first time and repeat customers. Vyze clients increase credit sales up to 400% by creating the simplest, most satisfying financing experience for every customer.
- Full Spectrum Lending Network: In 2016, Vyze forged key partnerships with leading consumer financing providers as it continues to build out the industry’s largest full spectrum lending network. Integrated on a single platform, the Vyze network allows retailers and manufacturers to provide financing to every customer segment - without the time, effort and risk of managing multiple lender relationships. Retailers on the Vyze platform can choose the lenders that work best for their business, with the ability to optimize their lending supply over time to meet changing consumer demand.
- Product Innovation: Vyze launched its enterprise eCommerce solution in August 2016 to complement its financing center and point-of-sale financing offering. The new offering integrates seamlessly into leading eCommerce sites, including the digital shopping cart, to support simple end-to-end online financing from application through checkout.
“Vyze continues to enhance its customer success investments ensuring our clients are extremely satisfied with our solutions,” said Nealon. ICON Health & Fitness, the world’s largest manufacturer and distributor of exercise equipment, has seen a 50% increase year over year with Vyze. “In Vyze, we see a partner with the technology to support all of our brands today,” explained Ryan Dunkley, ICON vice president of marketing. “We also see a partner that has the ability to scale with ICON as we grow and serve all of our customers, no matter how they shop now and will shop in the future.”
Vyze is a leading cloud-based financial technology company for businesses. By combining technology, a comprehensive lending supply, and support under one roof, Vyze delivers businesses more satisfying financing experiences for their customers, wherever and whenever they shop.