(Photo by Flickr user @doug88888, used under a Creative Commons license)
MissionOG, the Center City-based venture capital firm that’s invested in four Philadelphia companies so far, has made its first out-of-market investment in Pay4Later, a London-based ecommerce financing startup, according to a release. The venture firm was the sole investor in Pay4Later’s Series A round, which is the company’s first venture backing. The amount was not disclosed.
Founded in 2008, Pay4Later lets U.K. ecommerce retailers offer customers credit at the point of sale. The company has processed more than 500,000 credit applications for more than 1,000 retailers, according to the release.
The MissionOG team has years of experience in online payments, with chairman Gene Lockhart (former CEO of MasterCard) and partners Kevin O’Nell, Drew Kese and Andrew Newcomb (Ecount). Two MissionOG partners have also managed businesses with a presence in London, said MissionOG partner George Krautzel.
Lockhart will join Pay4Later’s board. It’s a move that’s common with MissionOG investments, though MissionOG partners often take management roles at portfolio companies. MissionOG partner O’Nell is the president and COO of portfolio company PeopleLinx, while MissionOG partner Krautzel used to be the COO of portfolio company Cloudamize (he’s now “Operator in Residence”).
When asked if MissionOG would help expand Pay4Later to the U.S., Krautzel would only say that the venture firm sees “opportunities that are beyond its current markets and geographies.”
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