Anyday, the Danish financial software developer, has raised €4 million ($4.4 million) in the seed round towards a buy now, pay later (BNPL) venture, a report from ArcticStartup said Thursday (March 31).
The company has taken on a new kind of payment system, changing the split-payment structure, letting the stores carry the burden of their potential customers.
Anyday provides interest-free financing for customers, charging a modest fee to online stores on the platform.
The report noted that online stores benefit from it, with the system bringing more customers to the stores.
The funding will allow the company to expand its services across the Nordic region, and add more payment options for in-store companies.
Anyday introduced its concept initially in 2021. Inventure was the lead investor for the current round, the release said.
The report notes that the Anyday payment solution is available for Danish webshops, and as a part of the growth plan, will be introduced for payments at in-store companies, both as a virtual credit card and as an app with the payment tech.
PYMNTS wrote that BNPL, as it grows in popularity, will begin to see more activity from regulators.
See also: As Regulators Probe BNPL Practices, Data Privacy and Localization Rules Come Into Play
Regulatory bodies have had an interest in making sure consumers aren’t getting more debt that they’ll have difficulty repaying. That means they’re likely to focus on issues of trust and transparency.
In the U.S., California is leading the way on looking into regulating BNPL companies. Other states could follow, analysts said.
Businesses will also have to pay attention to data privacy regulations, with the European Union’s General Data Protection Regulation setting a framework for how data can be used.
The U.S. doesn’t have a single privacy law, and privacy rights have been granted on a sector-by-sector basis.
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