Returnly,
the post-purchase payments company that gives brands and retailers a
competitive advantage, today announced that it raised a $19 million
Series B investment. The round was led by Craft
Ventures, the venture capital fund co-founded by serial entrepreneur
David Sacks, with participation from Max Levchin’s Affirm, and existing
investors. The company will use this new financing to give thousands of
retailers a leg up against Amazon.
“In the age of Amazon, shoppers expect every interaction with a brand to
be fast and easy – including post-purchase,” said Jeff Fluhr, general
partner at Craft Ventures, who was previously CEO/co-founder of StubHub,
a ticketing marketplace that is now a multi-billion-dollar subdivision
of eBay. “Returnly gives shoppers the instant and seamless returns
experience they have come to expect. For the thousands of retailers
competing with Amazon, Returnly levels the playing field while
increasing revenue and improving customer loyalty.”
The new financing will help Returnly grow its merchant services and
expand its product offering so that more retailers can elevate their
online brand, cultivate loyalty and drive revenue throughout the
post-purchase experience. As part of this round, Fluhr joins Returnly’s
board of directors.
“David Sacks and Max Levchin changed the commerce industry forever with
their revolutionary work at PayPal,” said Eduardo Vilar, founder and CEO
of Returnly. “To attract a group of investors that created
industry-defining companies like PayPal, Affirm and StubHub is an
enormous validation for the solution we’ve developed to fix this
inherently broken returns model. With their support, we’ll be able to
accelerate growth and help merchants everywhere extend a seamless brand
experience to one of the most important brand touchpoint consumers have:
the return.”
Returnly partners with retailers and brands to remove product returns
friction altogether. Returnly lets shoppers buy again using return
credit before shipping the original items back and settles the new order
in real-time, taking the product returns risk. The company has developed
a turn-key solution for large scale retailers as well as hosted and
fully brandable end-customer touchpoints like order and returns
tracking, online returns and exchanges.
“Successful retailers focus relentlessly on improving the customer
experience, and streamlining payments continues to be a very important
part of their strategy,” said Max Levchin. “For much of my career I’ve
focused on improving payments at the point of sale, but what attracted
me to Returnly was their shrewd focus on the post-purchase experience.
Post-purchase is an increasingly important component of the shopper
lifecycle, and Returnly is helping retailers optimize it.”
Online sales in the U.S. are growing at 15 percent year-over-year and
will surpass $600 billion in 2019, according
to eMarketer. While return rates vary depending upon product types, 25-30
percent of online purchases are returned on average, nearly three
times higher than offline purchases. This creates a market worth up to
$180 billion where retailers can improve the experience to help drive
repurchases and create loyal and lasting customers.
Returnly will continue to lead the way in developing innovative products
and services that improve the post-purchase experience. The company will
continue to integrate its platform with other reverse logistics,
e-commerce, loyalty and CRM platforms, and onboard merchants of all
sizes and in all markets. This includes product expansion for
omnichannel merchants to support “Buy Online Return In Store” offerings.
About Returnly
Returnly helps online retailers and brands
bring frictionless returns to the modern shopper. The post-purchase
payments company lets consumers buy again using their return credit
before shipping the original items back, driving loyalty and incremental
sales. Returnly settles orders made with credit in real-time and takes
the product returns risk for the merchant. Returnly has developed a
turn-key solution around its core post-purchase payments technology that
includes returns management tools for large scale retailers as well as
hosted and fully brandable end-customer touchpoints like order and
returns tracking, online returns and exchanges. Returnly is
headquartered in San Francisco, with offices in Chicago and Madrid.
For more information visit www.Returnly.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190417005470/en/