Returnly raises $19m Series B round to help retailers take on Amazon
Post-purchase payments company Returnly has raised a $19 million Series B investment to help retailers compete with online giant Amazon, reports Jane Connolly.
The round was led by serial entrepreneur David Sacks’ Craft Ventures, with participation from Max Levchin’s Affirm and existing investors.
Returnly partners with retailers and brands to enable a frictionless post-purchase experience, allowing customers to use return credit before shipping the original order back. The company settles the new order in real-time, taking the product returns risk.
Jeff Fluhr, general partner at Craft Ventures – formerly CEO and co-founder of ticketing marketplace StubHub – will join Returnly’s board of directors.
He says that due to Amazon’s success, consumers now expect fast and easy interactions with retailers, including post-purchase.
Jeff adds: “Returnly gives shoppers the instant and seamless returns experience they have come to expect. For thousands of retailers competing with Amazon, Returnly levels the playing field while increasing revenue and improving customer loyalty.”
Online sales in the US are expected to surpass $600 billion in 2019 and 25-30% of online purchases are returned on average.
“David Sacks and Max Levchin changed the commerce industry forever with their revolutionary work at PayPal,” says Eduardo Vilar, founder and CEO of Returnly. “To attract a group of investors that created industry-defining companies like PayPal, Affirm and StubHub is an enormous validation for the solution we’ve developed to fix this inherently broken returns model.”
Returnly intends to continue integrating its platform with other reverse logistics, e-commerce, loyalty and CRM platforms, including product expansion for omnichannel merchants to support “Buy Online, Return in Store” offerings.