Technology has totally changed the way people shop for, and procure products. The rise of eCommerce has led to a wave of innovation around payment options and tools, which means consumers now expect a choice when it comes to financing. The option to buy now and pay later without incurring credit card debt has resonated strongly with consumers buying items online, as evidenced by the success of companies such as Affirm, Klarna and AfterPay.
But purchasing in-person services like home and auto repair is another matter. Even though these businesses are embracing new technology for invoicing and payments, they’ve been stuck only offering old school expensive financing options.
That’s where Wisetack comes in. Through its suite of APIs, Wisetack embeds financing options into software platforms that businesses are already using in their day-to-day operations. With a leadership team whose past experience at companies such as PayPal and Lending Club gave them a unique perspective on the evolution of fintech and consumer behavior, Wisetack was founded to address the lack of consumer friendly payment options for in-person services. Launched in 2019 and incubated at Greylock, Wisetack now has a roster of clients including software platforms Housecall Pro and InvoiceASAP. The company recently came out of stealth and closed a $19 million Series A to expand its operations.
On the latest episode of Greymatter, Greylock general partner and Wisetack board member Josh McFarland sat down with co-founders Bobby Tzekin and Liz O’Donnell to discuss the company’s strategy and the changing nature of payments and lending for the modern consumer. You can listen to the episode here.