Buy now pay later (BNPL) technology is continuing to catch investors’ eyes, but e-commerce was also in the spotlight as money poured into a platform designed to help sellers grow their businesses this week. Bank Automation News takes a look at two of the biggest fintech funding stories this week.

SellersFunding

One of the largest funding rounds this week came as multinational automated funding platform SellersFunding announced it secured $166.5 million in a combination equity and credit facility.

SellersFunding, founded in 2017, has offices in New York, London and Weston, Fla., and focuses on e-commerce marketplace sellers.

Northzone led the funding round, with additional investments from Endeavor Catalyst and Fasanara. Northzone’s investment portfolio includes well-knowns in the fintech world like Klarna, Spotify and Trustpilot.

SellersFunding’s helps to get faster, more flexible access to capital to e-commerce sellers to grow — or adapt, as business needs have shifted during the pandemic. Its platform also offers additional tools and is expanding based on users’ needs, which will be part of the use of the funding, as well as the company growing its presence in North America, Europe, Latin America and Australia, according to CEO Ricardo Pero.

“Sellers still lack sufficient financial solutions to help scale their growth,” Pero told Bank Automation News. “Our goal is to see small e-commerce sellers scale to become global sellers with an international presence. We account for the needs of sellers as they expand, such as cash management tools including cross-border payments and working capital to support shipping and marketing expenses.”

Pero added the company’s headcount has grown more than 200% in the last year.

Speaking specifically on SellersFunding’s automations, Pero said that they include “instant pre-approvals for loans under certain amounts and AI models that truly assess the performance of these businesses to help get sellers the most value possible from our suite, among others. Our tech is constantly evolving with the needs of our clients.”

The company does not disclose its valuation but is considering going public as an option to expand, Pero told BAN.

More millions go to BNPL

U.K.-based Klarna competitor DivideBuy secured a $412.2 million lending facility from global investment management firm Davidson Kempner Capital Management LP last Friday. Headquartered in Newcastle-under-Lyme in northern England, the BNPL technology provider said in a release that it has a gross merchandise value of $206.1 million and expects that figure will reach $240.5 million by yearend.

DivideBuy was founded in 2014 and has more than 500 retailers using its technology, including U.K. mattress maker Simba Sleep. The company’s business model is evolving toward “a technology-centric offering” that leverages lending data and its underwriting engine, according to the release.

DivideBuy offers retailers a technology platform and credit facility, cutting out traditional credit suppliers and allowing it to own “the full lending journey with assistive technology, automated soft credit checks and transparent lending with no hidden fees,” according to a statement by founder and CEO Rob Flowers.

Buy now pay later tech gives consumers a payment option besides credit cards, often for larger-ticket purchases, for a set repayment term without requiring a credit pull. But DivideBuy — which offers payment installment periods up to a year — highlighted another possible direction: rentals.

The company recently announced a partnership in which it will create a new rental platform for musicMagpie, a U.K. online retailer that buys and sells refurbished electronics as well as other items like second-hand music and books.

According to Crunchbase, DivideBuy has now raised a total of $492.9 million over three rounds.