Returnly, a San Francisco, California-based post-purchase payments platform, as per recent reports, has just raised $19 million in a Series B investment funding round, in its bid to lend a helping hand to retailers in competing with online retail giant Amazon.
The funding round was led by Craft Ventures, a San Francisco, California-based financial services firm, co-founded by entrepreneur and investor David Sacks, and was participated by Max Levchin’s Affirm and previous investors.
Returnly, in its attempt to enable a frictionless post-purchase experience, partners with retailers and brands, and enables customers to pitch-in and utilize the return credit feature before shipping the original order back. The company’s platform settles the new order in real-time, taking the risks involved in product returns.
Also, speculations are that – Jeff Fluhr, general partner at Craft Ventures – formerly CEO and co-founder of ticketing marketplace StubHub – will be joining Returnly as the member of their board of directors.
In relaying his views on this, Jeff says that owing to the huge success of Amazon, consumers now have high expectations and always want a fast and easy interaction with retailers, which also includes the post-purchase payment process.
Continuing, Jeff adds, “Returnly gives shoppers the instant and seamless returns experience they have come to expect. For thousands of retailers competing with Amazon, Returnly levels the playing field while increasing revenue and improving customer loyalty.”
“David Sacks and Max Levchin changed the commerce industry forever with their revolutionary work at PayPal,” states Eduardo Vilar, founder and CEO of Returnly. “To attract a group of investors that created industry-defining companies like PayPal, Affirm and StubHub is an enormous validation for the solution we’ve developed to fix this inherently broken returns model.”