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Ecommerce

Returnly raises USD 8 mln funding for post-purchase payments

Monday 4 February 2019 | 11:33 AM CET

US-based post-purchase payments company Returnly has received USD 8 million in Series A funding, led by Mundi Ventures and The Venture City.

Returnly has secured a credit facility that will enable it to finance over USD 300 million in repurchases made by shoppers returning products online to merchants in the Returnly network. The company allows shoppers to buy again by using return credit before shipping the original items back. Moreover, it settles the new order in real-time, ‘taking the product risk’.

The company has developed a solution around its core post-purchase payments technology that includes returns management tools for large scale retailers and ‘brandable’ end-customer features like order and returns tracking, online returns and exchanges.

The round led by inside investors Mundi Ventures and The Venture City had participation from Novel TMT Ventures and CoVenture. The latter also supplied Returnly with the line of credit. The new financing and line of credit will be used to onboard larger merchants and integrate the platform with other reverse logistics, ecommerce, loyalty and CRM platforms.

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