Refunds Platform Reshop Picks Afterpay Founder Anthony Eisen as New CEO

Refunds platform Reshop has raised $17 million in funding and picked a new CEO.

Anthony Eisen, co-founder and co-chief executive of Australian buy now, pay later (BNPL) firm Afterpay, will now lead Reshop, the company announced Wednesday (Jan. 15).

“With Afterpay, our mission has always been to power an economy in which everyone wins, and that holds true with Reshop as well,” Eisen said in a news release. “The refunds space is ripe for disruption and in need of a solution that benefits both retailers and consumers, which is what we’re providing with Reshop. I’m proud of the progress the team has already made since launching earlier this year and am excited to help shape the next chapter in the Reshop journey.”

Eisen co-founded Afterpay with Nick Molnar in 2014, though the release noted that he has been connected to Reshop since its launch, investing in the firm and chairing its board. At Afterpay, the release added, Eisen helped promote “responsible spending behaviors” and a shift away from high-interest credit cards, making “something that was unheard of into a norm in the shopping experience.”

“Leveraging his expertise in the space, Anthony will power Reshop into its next phase of growth, paving the way for this new category that the team has identified in the post-purchase funnel,” the news release added.

Meanwhile, the company plans to use the new $17 million in funding to accelerate go to market and scale, having built a stable of retail partners that includes Alo Yoga, Steve Madden, Dolce Vita, Alala and P.J. Salvage.

Launched last year, Reshop says it allows shoppers to get instant refunds when making a return to one of its retail partners and then spend that money automatically with a virtual Reshop card anywhere online where Visa debit cards are accepted.

The company’s news comes as retailers are — as PYMNTS wrote earlier this month — “drowning” in returns, thanks to surge in online shopping and practices like “bracketing”— ordering multiple sizes or variations with the intent to return unwanted items.

New data shows a 28% hike in returns compared last year, with consumers having already returned $122 billion in merchandise as of last week.

“Holiday returns hit new highs this year, especially in cosmetics and personal care, however, returns in the following days grew more slowly than last year, suggesting retailers’ efforts to reduce returns are working,” Hannah Bravo, CEO of Loop Returns, told PYMNTS.

To cut costs, she said, retailers are employing different approaches: longer return windows, return fees, letting customers keep low-value items, virtual try-on tools and artificial intelligence recommendations to help customers make more informed choices.

“Online platforms now make it easier for customers to exchange items or receive incentives to keep their purchases,” Bravo said. “These changes are helping retailers balance customer satisfaction with costs during this key shopping season.”