The funding will help the company scale its online payments solutions. Here are the top-line bullets you need to know.
Nate, a universal shopping app, has raised $38M in a Series A round with participation from Renegade Partners.
How’s the company performing?
- New York-based nate offers a universal shopping solution that centralizes purchases on a single platform and allows users to purchase a product from any e-commerce site. For every purchase, nate charges $1 to buy virtual cards, safeguard privacy, and apply discounts.
- Users can buy products from 2.1M stores in the US.
- The company is planning to launch social features and an in-app wallet that will allow list makers to save and use their rewards.
Why does the market matter?
- The fintech market is projected to grow at a CAGR of 23.41% to reach a value of $324B by 2026, according to Market Data Forecast.
- The market has witnessed a surge in funding in recent years. In Q1’21, VCs infused $22.8B into fintech companies.
- The Covid-19 pandemic drove the adoption of cashless transactions and increasing demand for digital payment solutions and online payment gateways.