Qlarifi, a FinTech start-up focused on improving credit reporting for Buy Now, Pay Later (BNPL) transactions, has successfully closed its pre-seed funding round.
The company raised £1.4m in the round, which saw participation from HoneyComb Asset Management, Carthona Capital, and a group of angel investors, including former Australian rugby captain John Eales.
Qlarifi’s platform aggregates BNPL consumer credit data, offering lenders a real-time view of customers’ borrowing and repayment history across multiple providers. This approach aims to enhance transparency and improve underwriting decisions for BNPL providers while helping consumers build a responsible credit history.
The newly secured funding will be used to develop Qlarifi’s real-time data infrastructure using modern technology and accelerate customer acquisition in key markets.
The BNPL industry is growing rapidly, with approximately 415,000 daily applications in the UK—far surpassing the 68,000 daily applications for credit cards. BNPL now holds a 5% market share in e-commerce transactions, Qlarifi claimed
Qlarifi CEO and co-founder Alex Naughton said, “Our reason for building Qlarifi was to create transparency and a fit-for-purpose solution to a problem that’s been frustrating us for too long. We’re proud that the industry has responded so positively. They’ve been crying out for the real time information Qlarifi provides. This funding round reflects the confidence our investors have in our mission, and enables us to take the next leap in our growth journey.
Dean Dorrell, partner at Carthona Capital, said, “We’re delighted to invest in Qlarifi as they work to transform the rapidly growing BNPL market. With BNPL becoming an even more dominant force, their focus on delivering next generation technology is perfectly timed to meet the industry’s evolving needs.”
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