Resolve is an e-commerce platform where merchants and users can buy and sell goods and services using cryptocurrency. The company has raised $60 million in Series C funding. Resolve has pioneered the idea of the “crypto-to-crypto conversion” market. It uses the ShapeShift API to allow users to easily convert their cryptocurrency holdings into the cryptocurrency that they want to spend, then converts the product or service they bought back into their cryptocurrency.
Resolve Payments is a platform that allows businesses to accept payments in cryptocurrency without dealing with the hassles and risks typically associated with other cryptocurrency transactions. These include chargebacks, chargeback fees, and other issues that make cryptocurrency an unreliable payment medium for businesses. Resolve Payments’ platform allows businesses to accept cryptocurrency payments in a way that is just as secure as other payment methods. The platform allows businesses to accept payments in crypto and immediately convert the cryptocurrency into fiat currency, protecting them from market volatility and significantly reducing chargebacks and other issues.Resolve, a financial technology startup that provides a Buy Now, Pay Later (BNPL) payment platform for business-to-business (B2B) transactions, announced today that it has received $60 million in its first round of funding. Initialized Capital led the funding, while other firms like KSD Capital, Haystack VC, Commerce Ventures and Clocktower Ventures also participated. The financing was a combination of equity and asset financing. CEO Chris Tsai explained that the funding will be used to enhance our ability to apply credit arrangements to help these companies increase revenue and cash flow while minimizing risk and expense.
Separation from Confirmation
This round of funding is the first since Affirm was spun off in 2019. Affirm, founded by PayPal co-founder Max Levchin, allows shoppers to pay for their purchases through its point-of-sale credit service. Credit scores and reliability are determined by a series of complex algorithms that take effect at the time of purchase. Affirm focused on consumer transactions, but quickly realized that there was also a great demand for this type of service for business-to-business transactions. As a result, a similar product was developed to serve this growing market segment. Resolve, known as the B2B version of Affirm, has since grown rapidly and now plays an increasingly important role in the financial success of many businesses. Resolve and Affirm assume all risk in the event of non-payment, and the seller receives the full amount at the time of purchase. In return, a small commission is charged for each transaction. Despite the separation, the two companies remain closely linked: Affirm is an investor in Resolve, and the two companies exchange business.
B2B market not involved
While other fintech companies like Square and Mastercard are starting to compete with Affirm for market share in the consumer BNPL market, there aren’t many fintech companies competing in the B2B BNPL market yet. According to one estimate, e-commerce transactions between companies will reach $1.1 trillion by 2020. Since many small purchases do not qualify for a bank loan, the availability of point-of-sale financing has enabled millions of businesses around the world to access capital and expand their operations without incurring virtually any cost. With a 30, 60 or 90 day repayment option, businesses using Resolve software have more control over their finances in areas such as billing and cash flow. As more and more businesses go online, it becomes increasingly important to have e-commerce platforms that offer flexible payment options.