The funding will help Walnut increase employee headcount as well as expand its products and services. Here are the top-line bullets you need to know.
Walnut, a point-of-sale lending platform, has raised $110M in a mix of equity and debt. It secured $10M in a Series A round that drew participation from Gradient Ventures, Newark Venture Partners, Afore Capital, and 2048 Ventures, among others. Clear Haven Capital Management provided $100M in debt financing.
HOW’S THE COMPANY PERFORMING?
- New York-based Walnut covers medical bills for patients and enables them to pay those bills back in installments over time.
- The platform currently caters to 50+ healthcare providers.
- It claims to have experienced revenue growth of 50% every month for the past 6 months.
- Walnut is supported by a team of 15 people.
WHY DOES THE MARKET MATTER?
- The global buy now, pay later (BNPL) market is expected to reach a value of $90.5B by 2029, growing at a CAGR of 21.7%, according to Fortune Business Insights.
- The rising adoption of e-commerce and online payment methods has contributed to market growth.
- There have been major acquisitions in this space as well, such as Square acquiring AfterPay for $29B.