Split Payment Platform Kasheesh Launches as Alternative to BNPL
In recent months, “buy now, pay later” (BNPL) platforms have exploded in popularity. What’s more, with Apple jumping into the space, the practice is likely to continue growing despite some concerns in regards to how BNPL services impact consumers’ personal finances. With that in mind, one FinTech has just revealed its alternative: a payment-splitting platform for online retail.
Today, Kasheesh exited stealth mode to announce the launch of its unique service. Rather than allowing shoppers to split purchases into four payments over the course of weeks, the platform instead enables consumers to utilize multiple forms of payment at once. This way, customers can maximize rewards, mind their credit limits, and more.
On top of the launch news, Kasheesh also announced that it had raised $5.5 million. This seed round included participation from Tribe Capital, Anthemis, and Courtside Ventures. Additional investment came from such famous individuals as Odell Beckham Jr, Sahil Bloom, and Robin Wright.
According to Kasheesh, its free service will utilize a web-based browser extension. Once downloaded, customers will be able to connect up to 10 debit and credit cards, as well as some gift cards. When a user goes to make a purchase using the service, its algorithm will first suggest the best combination of payments to use. Kasheesh also notes that the platform will enhance consumer privacy as the service will auto-generate per-purchases encrypted card numbers. During its closed beta, the company says it facilitated over $11 million in transactions/purchases.
Announcing the launch of the service and the idea behind it, Kasheesh co-founder and CEO Sam Miller explained, “Most people are used to paying for something with one form of payment, be it one card or BNPL alternatives. There’s a significant cost burden, risk, and little to no personalization when you’re forced to put an entire payment onto one card, especially when that card is frequently used for multiple purchases. Miller continued, “Kasheesh leverages existing spending power, not added debt. We maximize rewards versus maxing out cards.”
Additionally, SRB Ventures Managing Partner Sahil Bloom said of the service, “There are no online payment platforms that allow U.S. shoppers to split their payments, no less ones that allow consumers to avoid incurring further debt. I appreciated the way that Kasheesh unlocks consumers to pay for things using the credit they already have in the most efficient manner, and the future opportunity to allow consumers to optimize their spend across various rewards points and perks.”
On the surface, Kasheesh might seem like a simple idea. Yet, as Bloom points out, there really isn’t anything quite like it. And although it might not serve as a proper solution for all shoppers, the startup is justified in positioning this tool as an alternative to BNPL platforms — especially given the ubiquity of such services as of late. In any case, despite the “launch,” at this time, those interested in Kasheesh can join a waitlist by visiting the company’s site.