IKEA Invests $22.5 Million in Israeli Fintech Jifiti

Jifiti Administration Crew Twitter Pic

Jifiti is an Israeli retail financing startup working within the fintech sector. Ingka Investments, which is the funding arm of Ingka Group, which is, in flip, the corporate that owns the 389 IKEA shops world wide, has invested $22.5 million in Jifiti, for a minority stake within the firm.

Based in 2011, Jifiti’s point-of-sale financing platform offers banks, lenders and retailers with expertise that deploys their aggressive shopper mortgage packages at any service provider’s level of sale on-line and in-store. The platform is white-labeled and scalable.

Jifiti boasts that it offers cross-border BNPL financing options to world manufacturers. Jifiti works with main monetary establishments together with Mastercard, Residents Financial institution, CaixaBank and Crédit Agricole, and retailers akin to IKEA, Walmart and others worldwide.

Ingka Group and Jifiti have already got a long-standing business partnership. Jifiti acts as a facilitator of IKEA Retail’s and shopper financing providers. IKEA already provides financing of their shops by way of the Jifiti platform. The aim, says Ikea, is to have the Jifiti platform facilitate the IKEA in-store and e-commerce point-of-sale financing throughout markets. Ingka Group and Jifiti will collaborate to develop and prolong IKEA Retail’s monetary providers to its 706 million annual in-store clients and three.6 billion e-commerce guests worldwide.

“When two corporations as aligned as Jifiti and Ingka Group take their partnership to the following degree via funding, it alerts the primary of many thrilling modifications within the panorama of the business,” mentioned Yaacov Martin, CEO and co-founder of Jifiti. “This funding will empower each our organizations to realize our objectives within the point-of-sale financing area and gasoline Jifiti’s technological and worldwide development. A partnership, akin to ours, that serves the imaginative and prescient and goal of each events is poised for fulfillment and can have a optimistic impression on the BNPL business.”

“Ingka Group is taking decisive steps into monetary providers, and a core a part of our journey is to assist make IKEA extra inexpensive and accessible for our clients. This deal will additional our integration of simply accessible financing options into the IKEA providing. Our funding in Jifiti is one other thrilling step for Ingka Investments because it follows our latest different monetary providers funding in Ikano Financial institution. We’re assured this new funding will assist us much more in turning into a life-long associate to our clients by serving to to enhance their life at house and develop their companies,” said Krister Mattsson, Managing Director of Ingka Investments.

IKEA Invests $22.5 Million in Israeli Fintech Jifiti