Vyze, a cloud-based financial technology company for retailers and manufacturers, announced Wednesday (Jan. 25) that it continues to grow its financing platform that provides consumers with access to capital.
In a press release, Vyze said that, as of Jan. 2017, its platform has connected hundreds of thousands of consumers with new financing options and opened up more than half a billion in purchasing power at the point of sale. Vyze is currently live in more than 2,000 stores in the U.S., as well as on eCommerce sites and call centers, and is expecting that number to triple in the next six months.
“Vyze is disrupting the traditional financing paradigm to give more consumers more purchasing power when shopping online and in stores,” said Keith Nealon, CEO of Vyze, in the press release. “However, nearly half of consumers today are declined for credit at the point of sale, with almost three out of four consumers being declined for financing when shopping online, resulting in lost revenue and a profoundly negative customer experience. Vyze resolves this by bringing a full spectrum of lenders to businesses so that they can provide financing to more of their customers. I am proud of all that we’ve accomplished in 2016 and look forward to working with our world-class clients and partners to transform retail financing in the year ahead.”
According to Vyze, the company doubled its financing volume in 2016, with repeat purchases accounting for nearly half of the gain. Vyze said it exited the year with the strongest quarter in its history due to surging holiday demand from retailers and consumers. On Black Friday weekend, Vyze transactions increased 550 percent compared to the same period in 2015.