Blispay Doubles Merchant Network, Plans New Finance Terms

CaptureApplying for financing or credit cards at the POS at retail giants such as Best Buy is a no-brainer. Small and medium-sized merchants, however, don’t usually have that option.

Blispay – launched in March last year – is set to tackle that issue, with a solution aimed at SMEs.

The Baltimore-based company partners with merchants to offer financing at the point of sale on purchases over $199. There is no interest if the loan is paid in full within six months. After that, 19.99% monthly interest applies.   

Starting out with a “few dozen” merchants at launch, the startup now has more than 100 merchant-partners, and has processed nearly $15 million in total transactions, said Blispay’s founder Greg Lisiewski, who previously founded BillMeLater (now acquired by PayPal).  “In about a year, usage has expanded to 25,000 payment locations, and have seen transactions from every states,” he said. “We now have the capital behind us to power a more rapid scale this year.”

The entire underwriting process takes a few minutes on Blispay’s mobile app, and is completed through a Utah-based bank called First Electronic Bank. If approved, customers also receive a Visa card, which can be used for everyday purchases, on the same no-interest terms, and a 2% cashback.

“We are looking to offer more financing flexibility this year, with nine or 12-month loans, and other terms, so merchants have the flexibility to choose what works best for them,” Lisiewski said.

The startup raised $12.75 million in seed funding last year, led by FirstMark Capital, and is now in the process of completing its A round.

To learn more about mobile financing, join us in San Jose on March 6-7 for Bank Innovation 2017, where the best conversations in fintech take place. Click here to register.

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