SAN FRANCISCO--(BUSINESS WIRE)--Wisetack, a technology company that brings buy now, pay later to in-person services like home and auto repair, announced $19M in total funding from Greylock, Bain Capital Ventures and others. 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 was founded by Bobby Tzekin (CEO), Kolya Klymenko (CTO) and Liz O’Donnell (COO), a group of experienced operators and technologists in payments and lending from companies like PayPal and Lending Club. The team saw how in-person businesses were stuck using dated and expensive financing options despite rapidly adopting technology for invoicing and payments. The team believed there was an opportunity to use software to make lending seamless and fast for all businesses and purchases - not just e-commerce.
“Despite buy now, pay later taking off in e-commerce, in-person services such as home and car repair lack great lending solutions. For consumers who don't have the funds to pay now, or want to upgrade to a higher quality product, credit cards are often their easiest option, yet are a terrible way to borrow,” said Bobby Tzekin, CEO of Wisetack. “We started Wisetack because we want to make it easy and affordable for in-person businesses to offer great financing options to their customers, and ultimately boost their sales.”
Businesses are increasingly using software platforms for their day-to-day operations, and Wisetack’s lending platform is designed around this shift. Using Wisetack’s APIs, software platforms like home services leader Housecall Pro, and invoicing providers like InvoiceASAP embed consumer financing options into their existing user interface, making it easy for thousands of businesses to get started with Wisetack and let consumers finance a large purchase. With Wisetack, consumers can apply for a loan directly from their own device. The application takes about a minute to complete, and applying does not impact credit scores. Consumers quickly and easily choose a loan payment schedule that best fits their budget.
“Buy now, pay later is growing much faster than credit cards, yet existing consumer lending solutions were not designed for in-person businesses like plumbers and mechanics. By taking an API approach, Wisetack easily makes consumer lending a reality for thousands of businesses while using software that’s already part of their day-to-day operations,” said Josh McFarland, Partner at Greylock and Wisetack Board Member. “The traction Wisetack has seen thus far is a testament to the need for consumer financing options for in-person services, and we are thrilled to partner with the team.”
Wisetack is currently focused on the home and auto repair spaces, working with software platforms like Housecall Pro, InvoiceASAP, Quik, and Mobile Tech RX. Through these integrations, thousands of businesses can offer consumers financing for home and car repair. Businesses like Prime Electrical, Beehive Plumbing and On Time Heating & Cooling have enabled buy now, pay later options through Wisetack with consumers financing everything from a kitchen rewiring, to a water heater replacement, to a new air conditioner.
“At Housecall Pro, we’re relentless about delivering a great customer experience. Through a partnership with Wisetack, we’ve built a seamless and customizable financing experience that’s easy to use,” says Ian Heidt, President and Co-Founder at Housecall Pro. “Wisetack has proven they’re just as customer-centric as Housecall Pro, and we look forward to building on our partnership.”
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. Wisetack loans are issued by Hatch Bank. The company is backed by Greylock, Bain Capital Ventures, and others, and based in San Francisco. For more information on Wisetack, please visit: https://www.wisetack.com/.