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Highlights
- Recently launched BNPL company Refundid has secured AU$3 million to support its business expansion plan.
- AP Ventures conducted the round.
- National Online Retailers Association’s founder Paul Greenberg to join Refundid’s advisory board.
The recently launched Company Refundid has secured AU$3 million in equity and debt within six months of launching.
Refundid is a customer-focused fintech solution that provides immediate refunds on e-Commerce purchases. The Company was created in 2020 and introduced in February 2021. The Company aims to transform the way the public shop online without any tension and remain safe. The start-up started on a mission to solve one of the most key challenges in e-commerce, i.e., returns. The Company was founded by millennials who faced lengthy wait times and painful processes surrounding replacing items.
The funding was led by AP Ventures, the venture capital fund supported by BNPL player Afterpay (ASX:APT). Paul Greenberg, National Online Retailers Association’s founder, invested in this venture. He would join the advisory board of Refundid.
How Refundid will work?
Through Refundid, the customers get a refund within 30 seconds after placing return request. It means that the customer don’t wait for the seller to receive the returned product & approve the return for initiating refund.
Here, Refundid acts as an intermediary, ensuring that the customers get the refund. Once the retailer approves the refund, they can refund the amount to Refundid, thus Refundid bearing the risk.
Image Source: Kalkine Media Pty Ltd., Data source: Refundid Website
As per some of the media reports, 6 national retail chains have now signed on. Also, these retail chains have witnessed that 50% to 60% of the customers are looking for refunds, and they are looking for Refundid as the option.
The Company expects further expansion with the plan to onboard another 14 retailers within few weeks. Further, the Company intends to onboard leading 100 tier 1 retailers in the coming 12 months.
How will the funds be used?
The funds would initially be used for building a team across partnership, development, customer service and software development. Other than this, the funds would be used for marketing as well as brand understanding. Over the time frame, the aim would be to expand the business overseas in New Zealand and the United States.
