Online payment processor Affirm has taken part in a $19m series B round for Returnly, the US-based developer of a post-purchase payment system for product returns.
Venture capital firm Craft Ventures led the round, investing alongside the company’s existing backers, and Craft Ventures general partner Jeff Fluhr is joining the company’s board of directors in connection with its investment.
Returnly has developed an online platform that allows customers to use credit gained from returning items to complete other purchases before shipping the original items back. The capital will be used to expand its merchant services and product range.
The new funding comes three months after Returnly secured $8m in a series A round co-led by Mundi Ventures and The Venture City that included Novel TMT, the investment vehicle backed by telecommunications company Novel Group, and CoVenture, which also supplied a credit facility.
The company had previously received $3.25m in a 2016 seed round featuring Index Ventures, SV Angel, FJ Labs, Mundi Ventures and assorted angel investors.