NEW YORK—A fintech has introduced a new offering it says will benefit consumers by offering flexibility that’s similar to buy now, pay later (BNPL) financing, but without requiring the consumer to take a loan.
Kasheesh said its product is a web browser extension that allows customers shopping online to split their payments across multiple combinations of debit, credit and gift cards without having to pay a fee or interest, co-founder and CEO Sam Miller told TechCrunch.
“You’re using your existing credit and your existing debit to actually facilitate the transaction rather than going through a credit pull and underwriting a loan that you don’t fully understand and then buying the same item and owing money over six to 12 months,” Miller said.
The platform itself launched in private beta mode in January and has already brokered over $10 million in user transactions and purchases, according to the company. Miller said the number has consistently doubled each month since the launch, Tech Crunch reported.
Two Customer Targets
Kasheesh targets two main types of customers, Miller said:
- The first group is the “paycheck-to-paycheck” consumer that uses the platform as a budgeting tool to avoid overdrafting their cards or overutilizing their credit.
- The second group is the customer who “has 10 credit cards and want[s] every card to be top-of-wallet.”
Still Building Capacity
Those customers can also use Kasheesh to split purchases with friends, for example. Miller said the company hasn’t gone after those users intentionally just yet because, although the technology supports shared purchases, the company is still so early-stage that it hasn’t built out capacity on its customer support team to handle inquiries from numerous people about a single transaction, Tech Crunch said.
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