Skeps raises $9.5 mn in funding led by Bertelsmann India Investments

Financial technology startup Skeps has raised USD 9.5 million (about Rs 70 crore) in series A funding round led by Bertelsmann India Investments.

Existing investor Accel also participated in this round, the company said in a late-night statement on Tuesday.

"The company intends to use the funds to expand the sales, marketing, engineering, and product teams, grow their merchant and lender client base, and broaden services offered to their customers," the statement said.

Founded in 2018, Skeps said it has headquarters in India (Gurugram) and the US (New York).

"We are excited to welcome Bertelsmann India Investments to the Skeps family for this latest round.

With this latest fundraise, Skeps will continue to serve clients by providing them with the next generation in POS financing solutions that can be readily deployed on their merchant site, physical stores, or any partner platform where their customers are shopping, Skeps CEO Tushar Srivastava said.

Skeps' platform provides a suite of technology solutions for merchants and lenders by enabling merchants to offer financing options.

It has claimed to have sourced and enabled its lenders to evaluate over a billion dollars worth of loan applications over the last 18 months.