Kasheesh is a digital platform that allows anyone to split payment for online purchases across multiple credit, debit, and gift cards. Apart from the aforementioned brands, the company will also work with Mulberry, Akko, and credit monitoring and financial wellness platform Array. According to Yahoo Finance, online purchases have historically been limited to the use of one card. This means that users were at risk of maxing out an account or underutilising rewards across many.
Kasheesh’s payment platform places the choice of using multiple combinations of cards into the consumer’s hands without adding further financial burden. For instance, as more and more users leverage entertainment and travel services, higher-cost items such as plane tickets, music events, and accommodations carry a financial burden that risks overloading a singular credit or debit card during the online purchase process.
According to Yahoo, the average Kasheesh customer uses the platform for 10 or more purchases every month and ends up spending USD 1,250 per month. The partnership with VISA, Plaid and Stripe will allow Kasheesh to offer a broader and more secure range of online purchases with merchants.
In addition to improving its payment offerings, Kasheesh has also brokered key partnerships with three digital platforms focused on important aspects of online shopping, namely product protection for electronics and home goods with Akko and Mulberry respectively, and consumer spending safety via Array’s credit monitoring and financial wellness tools.
Kasheesh surfaced as a split payments platform in June 2022, and as part of the launch event, it also announced that it raised USD 5.5 million from institutional and celebrity investors, including Tribe Capital, Anthemis, and Courtside Ventures. The company believes in unlocking the potential of debit and credit cards in order to help consumers make more responsible spending decisions powered by analytics.
Kasheesh operates via a free, web-based browser extension that helps US-based consumers across three main areas of online spending, namely reducing the cost burden on individual cards per purchase, assisting in sustainably building credit scores, and improving financial privacy through Kasheesh’s auto-generation of a new encrypted card number to use per purchase.
While Kasheesh is only available in the US at the time of writing and only works on Chrome, the company is looking to expand to other browsers such as Safari, Firefox, and Edge.
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