Jifiti is an Israeli retail financing startup working in the fintech sector. Ingka Investments, which is the investment arm of Ingka Group, which is, in turn, the company that owns the 389 IKEA stores around the world, has invested $22.5 million in Jifiti, for a minority stake in the company.
Founded in 2011, Jifiti’s point-of-sale financing platform provides banks, lenders and merchants with technology that deploys their competitive consumer loan programs at any merchant’s point of sale online and in-store. The platform is white-labeled and scalable.
Jifiti boasts that it provides cross-border BNPL financing solutions to global brands. Jifiti works with leading financial institutions including Mastercard, Citizens Bank, CaixaBank and Crédit Agricole, and retailers such as IKEA, Walmart and others worldwide.
Ingka Group and Jifiti already have a long-standing commercial partnership. Jifiti acts as a facilitator of IKEA Retail’s and consumer financing services. IKEA already offers financing in their stores via the Jifiti platform. The goal, says Ikea, is to have the Jifiti platform facilitate the IKEA in-store and e-commerce point-of-sale financing across markets. Ingka Group and Jifiti will collaborate to develop and extend IKEA Retail’s financial services to its 706 million annual in-store customers and 3.6 billion e-commerce visitors worldwide.
“When two companies as aligned as Jifiti and Ingka Group take their partnership to the next level through investment, it signals the first of many exciting changes in the landscape of the industry,” said Yaacov Martin, CEO and co-founder of Jifiti. “This investment will empower both our organizations to achieve our goals in the point-of-sale financing space and fuel Jifiti’s technological and international growth. A partnership, such as ours, that serves the vision and purpose of both parties is poised for success and will have a positive impact on the BNPL industry.”
“Ingka Group is taking decisive steps into financial services, and a core part of our journey is to help make IKEA more affordable and accessible for our customers. This deal will further our integration of easily accessible financing solutions into the IKEA offering. Our investment in Jifiti is another exciting step for Ingka Investments as it follows our recent other financial services investment in Ikano Bank. We are confident this new investment will support us even more in becoming a life-long partner to our customers by helping to improve their life at home and grow their businesses,” stated Krister Mattsson, Managing Director of Ingka Investments.