The company plans to increase headcount to 100 by the end of the year. Here are the top-line bullets you need to know.
TruePay, a B2B buy now, pay later (BNPL) service provider, has raised $32M in a Series A round that drew participation from Addition.
How’s the company performing?
- Sao Paulo-based TruePay’s payment technology helps small and medium-sized businesses access credit to purchase inventory from suppliers.
- Since its inception 5 months ago, TruePay has established a merchant base that is in the thousands.
- The company, which has grown 100–200% month-over-month in 2021, expects to grow by up to 15x in 2022.
- The startup is currently supported by a team of 50 employees.
Why does the market matter?
- The global digital lending platform market is projected to reach a value of $27.1B by 2028, growing at a CAGR of 18.13%, according to Verified Market Research.
- Today, BNPL accounts for a small portion of the overall annual spending on payment cards (including credit, debit, and prepaid cards) — which currently sits around $8T. However, BNPL is at an inflection point. By 2025, the global BNPL industry is expected to grow 10–15x its current volume, topping $1T in annual gross merchandise volume by some estimates. This growth trajectory has incumbents paying close attention and increasing their efforts to improve the digital user experience.
- There have been major acquisitions in this space as well, such as Square acquiring AfterPay for $29B.