Optty announced it has raised $9 million in “stealth” to develop an integration platform it is now launching to let retailers offer customers multiple buy now, pay later (BNPL) options.
The Singapore-based FinTech said in a Wednesday (April 27) news release that it intends the new platform to “to revolutionize the fast-growing [BNPL] sector with transparency, simplicity, and speed. Optty customers are using the platform to increase conversions and give shoppers more choice.”
The platform is available in 59 countries using 36 currencies, the announcement stated. Already, the platform is handling 185 integrations with 41 buy now, pay-later providers including Afterpay, Affirm, Grab, Klarna, Scalapay and Zip, per the release.
The company said it expects that by 2023 the platform will be capable of integrating “more than 100” BNPL brands and digital wallets.
According to Optty, retailers integrating buy now, pay later technology without Optty typically spend about one week doing necessary internal development, while Optty can be folded into an operation within “a few minutes,” the company said.
A February 2022 report produced by PYMNTS and Zip found that 56% of luxury and specialty store shoppers said they are highly interested using installment payment plans for online purchases.
“Buy Now, Pay Later is a revolution in retail. And Optty is a revolution in BNPL,” Chief Executive Natasha Zurnamer said in a prepared statement. “Our technology is the single source that empowers retailers with intelligence, speed, flexibility, and responsibility in the world of BNPL. We are the honest broker that elevates results for retailers, and choice and experience for consumers.”
Existing Optty integrations listed by the company include Salesforce, Adobe Commerce, BigCommerce and various payment gateways. Cloud-based Optty is free up front for retailers, according to the company, but charges fees for each user click.
Optty was founded in Sinagpore in 2021 and has additional operations in Sydney, London and South Africa.