Which BNPL companies raised capital?

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The BNPL sector experienced a focused consolidation of capital in 2024-2025, with $760 million raised in 2024 and $170 million in the first half of 2025. Unlike previous years of scattered small rounds, major players secured substantial debt facilities and growth equity rounds that signal market maturation and investor confidence in proven business models.

The funding landscape reveals a strategic shift toward debt-backed expansion and international growth, with established players like SeQura and Sunbit securing nine-figure facilities while emerging regional champions like Tabby achieved unicorn valuations. This concentrated capital deployment indicates investors are backing winners rather than experimenting with unproven concepts.

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Which BNPL companies raised capital in 2024 and so far in 2025?

Six major BNPL companies secured significant funding rounds during this 18-month period, with a clear geographical spread across North America, Europe, MENA, and Asia-Pacific markets.

Sunbit and SeQura dominated 2024 with the largest transactions. Sunbit, a US-based point-of-sale lending platform, closed a $310 million debt warehouse facility in January 2024 with Citi and Ares Management. SeQura, Spain's leading BNPL provider, secured €410 million in November 2024 through a sophisticated mixed debt and equity structure led by Citi.

SalarySe represented the emerging markets opportunity, raising $5.25 million in seed funding from Surge Ventures (Peak XV) and Pravega Ventures to build India's first Credit-on-UPI platform specifically targeting salaried employees. This round demonstrates investor appetite for localized BNPL solutions that integrate with regional payment infrastructure.

The 2025 activity shows continued momentum with three notable raises. Tabby achieved the most significant milestone, securing $160 million in Series E funding at a $3.3 billion valuation from Blue Pool Capital, Hassana Investment Company, STV, and Wellington Management. JeelPay closed a SAR 25 million (~$6.7 million) Pre-Series A round for its "Study Now, Pay Later" education financing platform. Qlarifi raised €1.6 million in pre-seed funding to develop real-time BNPL credit reporting infrastructure.

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How much total capital was raised by the BNPL sector in 2024 and so far in 2025?

The BNPL sector raised approximately $760 million in 2024 and $170 million in the first half of 2025, totaling nearly $930 million across the 18-month period.

The 2024 figure breaks down as follows: Sunbit's $310 million debt facility, SeQura's €410 million (~$445 million at average exchange rates), and SalarySe's $5.25 million seed round. This represents a concentration of capital in fewer, larger transactions compared to the fragmented funding patterns of previous years.

The 2025 activity through mid-year includes Tabby's substantial $160 million Series E, JeelPay's $6.7 million Pre-Series A, and Qlarifi's $1.7 million pre-seed round. The pace suggests 2025 could match or exceed 2024 levels if current momentum continues through the second half.

These figures exclude smaller rounds under $1 million and represent only publicly disclosed transactions. The concentration in mega-rounds indicates market maturation, with investors preferring to back proven operators with clear paths to profitability rather than experimenting with early-stage concepts.

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Which specific companies received the largest funding rounds and how much did each raise?

Three companies secured nine-figure rounds that dwarf the remainder of the sector's funding activity during this period.

Who are the main investors backing these BNPL companies and what types of investors are they?

The investor composition reveals a sophisticated mix of institutional players, with corporate credit funds, sovereign wealth entities, and strategic venture capital firms leading the major rounds.

Citi emerges as the dominant institutional player, leading both Sunbit's $310 million warehouse facility and SeQura's €410 million mixed round. This represents a strategic bet by one of the world's largest banks on BNPL infrastructure, providing debt facilities that enable these companies to scale lending without diluting equity significantly.

Ares Management, a $429 billion alternative investment manager, co-led Sunbit's facility through their credit funds division. M&G plc (£370 billion assets under management) and Chenavari Investment Managers participated in SeQura's round, bringing institutional fixed-income expertise to support debt components.

Sovereign and strategic funds play crucial roles in regional expansion. Hassana Investment Company, Saudi Arabia's sovereign wealth fund, co-led Tabby's $160 million Series E alongside Blue Pool Capital, demonstrating alignment with Saudi Vision 2030's fintech development goals. STV and Wellington Management rounded out Tabby's investor syndicate.

Traditional venture capital maintains strong presence in earlier-stage rounds. Surge Ventures (Peak XV Partners) and Pravega Ventures backed SalarySe's seed round in India. JOA Capital and Aljazira Capital led JeelPay's Pre-Series A, while HoneyComb Asset Management and Carthona Capital supported Qlarifi's pre-seed financing.

Which startups did these investors back and what exactly do these startups offer in terms of products or services?

The funded startups represent diverse BNPL applications beyond traditional e-commerce checkout, spanning vertical specializations and infrastructure solutions.

Sunbit operates a comprehensive point-of-sale lending platform integrated with merchant systems across automotive, healthcare, veterinary, and home improvement sectors. Their product enables consumers to finance purchases from $100 to $25,000 with instant approval technology and flexible repayment terms, generating revenue through merchant fees and interest charges.

SeQura provides subscription commerce and installment payment solutions primarily in European markets, with particular strength in fashion and lifestyle verticals. Their platform processes over €1 billion annually and offers merchants advanced fraud detection, risk management, and customer acquisition tools alongside standard BNPL checkout options.

Tabby has evolved beyond core BNPL into a comprehensive financial services platform across MENA markets. Following their acquisition of Tweeq, they launched Tabby Card (physical and virtual cards), Tabby Plus (premium spending accounts), and Tabby Care (financial wellness tools), creating a super-app ecosystem for young consumers in Saudi Arabia and UAE.

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SalarySe built India's first Credit-on-UPI platform specifically for salaried employees, enabling instant credit access through the Unified Payments Interface. Their technology analyzes employment data and salary patterns to provide credit lines integrated directly into India's national digital payments infrastructure.

JeelPay specializes in "Study Now, Pay Later" education financing, allowing Saudi students to access course fees, certification programs, and educational services through installment plans. Their platform partners with educational institutions and training providers to democratize access to professional development and higher education.

Qlarifi develops real-time credit reporting infrastructure specifically for BNPL transactions, creating a centralized database that tracks consumer payment behavior across multiple BNPL providers. Their solution addresses the industry's credit visibility problem by enabling lenders to assess total BNPL exposure before extending additional credit.

Are any major incumbents or tech giants investing in or acquiring BNPL companies?

Traditional financial institutions are the primary incumbents engaging with BNPL companies, though their approach focuses on debt provision and strategic partnerships rather than equity acquisitions.

Citi represents the most aggressive incumbent strategy, providing both Sunbit's $310 million warehouse facility and leading SeQura's €410 million mixed round. This approach allows Citi to generate credit income while gaining exposure to BNPL growth without operational complexity. Their facility structures typically include performance covenants and require pledging of loan portfolios as collateral.

Aljazira Capital's participation in JeelPay's round demonstrates regional banking interest in vertical BNPL applications. As a Saudi investment banking arm, their involvement aligns with local financial institutions seeking to diversify beyond traditional banking products into education financing and consumer credit innovation.

Svea Bank provided convertible loan financing to SeQura as part of their €410 million round, representing a European banking strategy of hybrid debt-equity participation. This structure provides upside potential through conversion rights while maintaining senior credit positioning.

Notable absent players include major US tech giants (Apple, Google, Amazon) and payment processors (PayPal, Square), who have generally developed internal BNPL capabilities rather than acquiring external companies. This suggests incumbents view BNPL as a feature rather than a standalone business worth acquiring at current valuations.

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What are the terms or conditions of the major funding rounds—equity vs. debt, valuations, stage of funding?

The funding structures reveal sophisticated capital optimization strategies, with established players leveraging debt facilities to preserve equity while growth-stage companies pursue traditional venture rounds.

Which countries or regions are seeing the most BNPL investment activity?

Investment activity spans four distinct regions, with MENA emerging as the fastest-growing destination for BNPL capital deployment.

North America maintains the largest individual transactions through Sunbit's $310 million facility, reflecting the mature US market's capacity for institutional debt financing. However, this represents scaling existing operations rather than new market development, indicating market maturation in traditional BNPL applications.

Europe shows sophisticated financing evolution through SeQura's €410 million mixed round, with Spanish operations serving as a launchpad for expansion into Germany, UK, and US markets. European investors demonstrate comfort with complex structures combining debt, equity, and convertible instruments to support international scaling.

MENA leads in pure growth capital deployment, with Tabby's $160 million Series E representing the region's largest fintech round. JeelPay's additional $6.7 million raise demonstrates continued investor appetite for Saudi Arabian fintech development aligned with Vision 2030 economic diversification goals.

Asia-Pacific shows early-stage activity through SalarySe's $5.25 million seed round in India, targeting the massive opportunity of integrating BNPL with UPI payment infrastructure. The relatively small round size suggests investors are still evaluating regulatory and competitive dynamics in major Asian markets.

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What kinds of technologies, innovations, or R&D breakthroughs are being funded through these investments?

The funded innovations focus on infrastructure development, vertical specialization, and integration with emerging payment systems rather than incremental improvements to basic BNPL functionality.

Real-time credit infrastructure represents the most significant technical advancement, with Qlarifi developing centralized BNPL credit reporting that addresses the industry's fundamental blind spot. Their system enables lenders to view total consumer BNPL exposure across multiple providers before extending additional credit, potentially preventing the over-leveraging that regulators increasingly scrutinize.

Payment rail integration drives SalarySe's innovation in India, where they've built the first Credit-on-UPI platform that embeds BNPL functionality directly into the national digital payments infrastructure. This approach bypasses traditional e-commerce checkout integration and enables BNPL access across any UPI-enabled merchant, dramatically expanding addressable market opportunities.

Subscription commerce optimization powers SeQura's technology advancement, with their platform specifically designed for recurring billing, subscription management, and merchant customer lifetime value optimization. Their algorithms analyze subscription patterns to offer dynamic payment terms that reduce churn while maximizing merchant revenue.

Super-app ecosystem development characterizes Tabby's R&D focus, integrating BNPL with comprehensive financial services including digital wallets, savings accounts, investment products, and insurance offerings. Their acquisition of Tweeq and subsequent product launches demonstrate the evolution from point-of-sale credit to full-spectrum financial platforms.

Vertical-specific underwriting drives JeelPay's technical development, with specialized algorithms designed for education financing that analyze academic performance, course completion rates, and career outcome data to assess creditworthiness. This represents a departure from traditional income-based underwriting toward outcome-based risk assessment.

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Which BNPL companies are raising capital for expansion, and into which new markets are they entering?

Three companies explicitly targeted international expansion through their funding rounds, with geographic strategies reflecting different approaches to market development.

SeQura pursues aggressive multi-market expansion with their €410 million facility specifically allocated for entry into US, UK, and German markets. Their strategy targets tripling transaction volume by 2027 through direct market entry rather than partnerships, requiring substantial capital for regulatory compliance, local team building, and merchant acquisition in each new jurisdiction.

Tabby focuses on regional consolidation and service expansion across existing MENA markets rather than geographic diversification. Their $160 million raise supports deeper penetration in Saudi Arabia and UAE through comprehensive financial services rollout, including their recent launches of Tabby Card, Tabby Plus premium accounts, and Tabby Care financial wellness tools.

JeelPay targets regional expansion within the GCC countries, using their $6.7 million raise to extend their "Study Now, Pay Later" platform beyond Saudi Arabia into UAE, Kuwait, and Bahrain. Their approach leverages regulatory alignment across GCC financial services frameworks and shared educational system characteristics.

SalarySe remains focused on the massive Indian domestic market, with their $5.25 million seed round allocated for scaling their Credit-on-UPI platform across India's 22 official languages and diverse state-level regulatory requirements. Rather than international expansion, they prioritize vertical integration with India's digital payments ecosystem.

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Are there any early signs or forecasts for BNPL fundraising in 2026—what are investors and founders expecting?

Industry signals point toward continued consolidation and vertical specialization in 2026 BNPL fundraising, with investors favoring proven operators over experimental concepts.

Regulatory compliance investments will likely dominate 2026 funding requirements as global regulators implement BNPL-specific frameworks. The UK's FCA regulation effective 2026, EU's updated consumer credit directives, and potential US federal oversight create significant compliance costs that will require dedicated capital raises for implementation across multiple jurisdictions.

AI-driven underwriting represents the primary technological investment thesis for 2026, with investors expecting BNPL companies to deploy machine learning for real-time risk assessment and dynamic pricing. Early indicators suggest rounds will fund sophisticated data science teams and alternative data integration rather than traditional credit scoring improvements.

Cross-border interoperability emerges as a key investment focus, with multiple industry participants developing technical standards for BNPL payment acceptance across different regional platforms. Investors anticipate funding rounds specifically targeting the infrastructure required for seamless international BNPL transactions.

B2B BNPL expansion drives expected 2026 investment activity, with preliminary market research indicating commercial applications could exceed consumer transaction volumes. Anticipated funding rounds will target working capital financing, supply chain payment solutions, and enterprise procurement integration rather than consumer e-commerce applications.

IPO preparation capital represents a significant expected component of 2026 funding, with Tabby, SeQura, and other major players approaching public market readiness. These rounds typically require substantial investment in financial reporting infrastructure, governance systems, and regulatory compliance frameworks necessary for public company operations.

How is the competitive landscape evolving based on these funding trends—are we seeing consolidation, niche players emerging, or new business models being backed?

The funding patterns reveal three distinct evolutionary paths that are reshaping BNPL competitive dynamics through capital allocation strategies.

Market consolidation accelerates through mega-rounds that enable established players to acquire smaller competitors and expand geographic reach. SeQura's €410 million facility specifically targets market share capture in new jurisdictions, while Tabby's $160 million raise positions them for regional acquisition opportunities across MENA markets. This dynamic favors companies with proven unit economics over early-stage experimental approaches.

Vertical specialization emerges as a sustainable competitive strategy, with JeelPay's education financing focus and SalarySe's employee credit specialization demonstrating investor appetite for sector-specific solutions. These niche approaches avoid direct competition with horizontal players while addressing underserved market segments that require specialized underwriting and product development.

Infrastructure plays gain investor attention through companies like Qlarifi that provide essential services to the broader BNPL ecosystem rather than competing for end consumers. This "picks and shovels" approach offers exposure to sector growth without the customer acquisition costs and regulatory complexities of direct lending operations.

Super-app evolution represents the most ambitious competitive strategy, with Tabby's transformation from BNPL provider to comprehensive financial services platform. Their acquisition of Tweeq and launch of multiple financial products demonstrates how well-funded players can expand beyond payment installments into full-spectrum banking alternatives.

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Geographic arbitrage opportunities drive investment in emerging markets where BNPL adoption remains early-stage but regulatory frameworks enable rapid scaling. SalarySe's integration with India's UPI system and JeelPay's alignment with Saudi Vision 2030 demonstrate how localized approaches can create sustainable competitive advantages in specific markets.

Conclusion

Sources

1. Salaam Gateway - Tabby $160M Series E
2. SeQura - €410M Funding Announcement
3. Sharikat Mubasher - JeelPay SAR 25M
4. Sunbit - $310M Debt Facility
5. Clay - SalarySe Funding
6. EU Startups - Qlarifi €1.6M
7. TechCrunch - Tabby Series E Analysis
8. Reuters - Tabby Valuation Report