Vyze has raised $13.1 million in venture capital financing in order to accelerate growth and fuel product innovation and expansion. The Series C round is led by Austin Ventures, with additional investment from Fathom Capital and Starvest Partners. Ken DeAngelis, General Partner at Austin Ventures, has joined the Vyze board of directors.
Vyze’s cloud-based, multi-lender platform connects consumers with additional credit options at checkout. During the past year, the company has more than doubled its retail client base and forged new partnerships with lenders. The program is live in more than 2,000 stores throughout the U.S. in addition to e-Commerce sites and call centers.
“Traditional retail financing relies on an outdated retail financing model, resulting in limited consumer choice, and credit rejection rates that average 50% in the store and up to 75% online,” said Keith Nealon, CEO of Vyze in a statement. “The Vyze platform connects retailers with a variety of lenders, boosting approval rates to upwards of 80%.”