Fintech Booste raises $14.55m in Series A funding

The fintech will use the funding to help in its expansion plans as it intends to expand across the UK and Europe

Poland-based fintech Booste has raised a €12m ($14.55m) in Series A funding round. The fintech provides revenue-based financing to e-commerce companies.

It helps e-commerce firms finance their growth through digital ads, marketing campaigns and inventory spend. The e-commerce firms often receive an offer within 24 hours and the funds in two days.

The fintech will use the funding to help it realise its own expansion plans as it intends to expand across the UK and Europe. It also plans to use the funding to increase the employee strength.

The past year has seen a surge in e-commerce businesses launching with more people shopping online than ever before. But this means the competition is much harder too, Jakub Pietraszek, Booste co-founder and CEO, said.

Booste allows e-commerce business owners to cut through the noise by offering funds they can access and use to grow on their own terms. We’re excited to expand Booste to more businesses across Europe thanks to this funding, Pietraszek said.

The firm’s latest funding round comes just a few months after its initial seed funding round launched in January 2021 which was led by DialCom24, a fintech-focussed VC in Poland.

We aim at delivering a fast and flawless experience for our customers in the process of receiving financing and repayment, Michael Kacprzak, co-founder and chief product officer of Booste, added.

The newly raised capital will enable us to implement further automation and language localization of our service, which will help us deliver on that promise, he said.

Booste hopes to tap into the ever-growing revenue-based finance market, which is expected to hit $42.3bn by 2027 as more and more startups seek alternatives to VC funding and traditional bank loans.

The revenue-based lending sector is growing rapidly, with two other lenders, Uncapped and Outfund having raised $80m and £37m respectively in the last few months.