Solerchil Technologies has raised $300,000 in pre-seed to support its mission of revolutionizing B2B payments. The round was led by Sufishent LLC; and it comes right at the time when the company is expanding its service offering to support business operations.
Through the new CHIL Food Center platform, merchants can offer instant payment terms to their customers through a frictionless B2C-like “Buy Now Pay Later” checkout experience.
The solution can be integrated easily via APIs into existing e-commerce platforms and marketplaces. Currently, the product has over 300 merchants making use of the Buy Now Pay Later solution daily, and thousands of buyers transacting on the platform.
Developing digital credit technology
The proceeds of the pre-seed funding will be used towards further developing its digital credit technology and extend its services across Africa, Europe and the Middle East, supporting the growth of the B2B commerce space.
The company plans to recruit more staff for its Lille and Dubai offices and is on the verge of raising $15M in seed round.
Shamim Nabuuma Kaliisa, a co-founder and shareholder in the company, says that the B2B merchants that use Chil Food Center will now sell more by offering better payment terms to their business customers.
“Our Buy Now, Pay Later solution eliminates all the burden and risk associated with offering payment terms online by letting B2B merchants instantly offer credit terms at checkout even if the customer is buying from them for the first time,” Nabuuma says.
Merchants using CHIL Food Center will also see an increase in their revenue and customer satisfaction. Nabuuma says the platform protects them against the risks of non-payment, so they are always sure to get paid no matter what.
“We understand that trade credit is critical to supply chains, and Solerchil Technologies is solving this problem. That is why we are happy to be part of this and hope to lead even more rounds,” says Richard Scott Johnson, a partner investor at Sufishent LLC.
In October 2021, Solerchil Technologies emerged winner, among the top 12 finalists, of the Global South COVID-19 Digital Innovation Challenge.
Nabuuma was recently sworn in as the African Representative on the Commonwealth Youth Council (CYC) Executive Committee. She is also the founder and CEO of the CHIL Artificial Intelligence Lab Group and will be part of the new executive to serve until 2024.