IKEA parent company Ingka Group invests $22.5m in BNPL fintech Jifiti
Ingka Group, the parent company of Swedish furniture retail giant IKEA, has invested $22.5 million in buy now, pay later (BNPL) financing platform Jifiti.
The deal, made through the firm’s investment arm Ingka Investments, gives the company a minority stake in Jifiti and will firm up IKEA’s wider point-of-sale financing offering.
Ingka Group, which owns and operates 389 IKEA stores in 32 countries, already has a long-standing commercial partnership with Jifiti.
IKEA has been offering financing in-store via the Jifiti platform since 2019. The firm will continue to facilitate IKEA’s in-store and e-commerce point-of-sale financing across different markets.
Jifiti enables banks, lenders and merchants to deploy BNPL programmes online and in-store.
It says it will use the investment from Ingka Group to embark on its next growth phase, to enhance its technological and product development and scale internationally to new markets.
Ingka Investments managing director Krister Mattsson says: “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.”