I4 Commerce Secures $27.4 Million in Venture Funding30 March 2006
I4 Commerce, the leading provider of alternative payment solutions for multichannel retailers, today announced it has secured $27.4 million in venture funding. The financing round, led by Kingdon Capital Management, includes previous major investors, Crosspoint Venture Partners, Azure Capital Partners and GRP Partners. Currently, more than 240 leading multichannel brands use I4 Commerce's Bill Me Later(R), which provides consumers with a fast, convenient and secure way to shop online and over the phone.
"Our investment in I4 Commerce reflects our confidence in the experience and innovation of Gary Marino and his management team," said Mark Kingdon, president, Kingdon Capital Management.
Retailing has changed dramatically over the past decade. New channels for shopping, delivery and communication have attracted new competition and raised customer expectations for all retailers. The old payment process model, driven primarily by credit cards, does not give retailers the support they need in the new marketplace. Consumers shopping online are looking for an easy and secure shopping experience. Retailers that offer Bill Me Later improve the end-to-end shopping experience for their customers by making it safer, flexible and more convenient, and also realize increased sales and enhanced customer loyalty.
"In past year we have tripled the number of merchants offering Bill Me Later to attract new customers. We expect this growth to continue over the next year as we work closely with multichannel retailers to further enhance our services," said Gary Marino, CEO of I4 Commerce. "It is significant that existing major investors have substantially reinvested in this round. This new round of funding is critical as we continue to add increased functionality and help reshape the payments landscape."
Bill Me Later lets consumers pay for purchases online and by phone without using a credit card. Consumers simply click on or say "Bill Me Later" and complete their purchase.
About I4 Commerce
I4 Commerce is a rapidly growing technology company helping to connect leading retailers with high value customers by improving the purchase experience. Its alternative payment solutions help multichannel retailers to attract, satisfy and retain customers at the point-of-sale. More than 1.2 million consumers rely on the safety and convenience of I4 Commerce's Bill Me Later payment solution when shopping online, via catalog and in-store to help save both time and money. The solutions are the first new payment methods since credit cards to be so broadly available within the United States. For more information, visit http://www.I4commerce.com.
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Contact: Mark W. McClennan or Scott Love
Schwartz Communications
781-684-0770
i4@schwartz-pr.com
Source: prnewswire
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