The package included a USD 50 million credit facility from Credit Suisse, a global investment bank and financial services firm, with an additional USD 10 million provided by Hudson Cove Capital Management, an alternative credit asset manager. An additional USD 15 million was added to Kafene's original Series A investment, bringing the total to USD 30 million, co-led by equity investors Valar Ventures and Third Prime.
The USD 75 million in capital allows Kafene to scale its retail footprint and expand delivery of its financing platform to the under-banked US consumers who have limited or no access to credit for vital purchases.
Kafene's financing platform allows consumers to access financing to purchase appliances, electronics, furniture, and other goods at participating retailers across the US. The company offers consumers interest-free BNPL options as well as flexible lease-to-own options, both of which can help Kafene's users improve their credit scores.
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