Startups
Finance / Funding / Startups

With $12.75M in seed funding, Blispay comes out of stealth mode

The Canton-based fintech startup is looking to give small retailers a way to offer financing.

Inside Blispay's offices at Natty Boh Tower. (Photo by Stephen Babcock)

Bill Me Later’s founding and acquisition by eBay/PayPal created a fintech center in Lutherville-Timonium. Coming out of stealth mode, a startup founded by a former Bill Me Later leader is providing a new reason to look toward Canton.
After moving to Natty Boh Tower in January, Blispay announced $12.75 million in seed funding and went live with its first product, a tool designed to allow small merchants to provide customers with financing options. The news was first reported by TechCrunch.
An early Bill Me Later employee and later global head of credit products at PayPal following the $945 million acquisition in 2008, founder Greg Lisiewski said he also drew influence for Blispay from his prior experience working with MBNA before online banking really took off. The startup looks to address face-to-face transactions, which are still how the majority of retail sales are made.

A Baltimore icon.

Natty Boh Tower, where Blispay is located. (Photo by Flickr user Elliott Plack, used under a Creative Commons license)


Big box stores have plenty of financing programs so you don’t have to pay for everything at once, but each store requires signing up for a different program. Meanwhile, small and medium-sized businesses don’t have the capability of offering those financing plans.
Lisiewski said the idea behind Blispay is to “make financing available to smaller merchants so they can compete with bigger merchants. And, once consumers get it, give them a product where they can use it everywhere they shop.”
The Blispay sign that merchants must display.

The Blispay sign that merchants must display.


The team is looking to make it particularly easy for stores.
Instead of signing a contract and bringing in tech, the merchants just have to display a sign that details Blispay. Then, consumers can apply for approval on their phone for a Visa card that has no interest for six months on a purchase over $199. If they’re approved, they get a card on their phone to complete the purchase on the spot, and a physical Visa card roughly 7-10 days later. The card can be used for normal purchases and provides 2 percent cash back on all purchases.
“Our target audience are not people who need credit, but people who like to use credit to manage their cashflow,” Lisiewski said.
With the move out of stealth mode, the startup is looking to validate its model with stores.
The early work, combined with a growing 13-member team that is made up of many fellow former Bill Me Later/PayPal employees, has attracted early interest. The seed funding round was led by FirstMark Capital. Also participating was Accomplice, NEA, TriplePoint Capital, Founder Collective and an AngelList syndicate led by Crashlytics founder Wayne Chang.

Before you go...

Please consider supporting Technical.ly to keep our independent journalism strong. Unlike most business-focused media outlets, we don’t have a paywall. Instead, we count on your personal and organizational support.

3 ways to support our work:
  • Contribute to the Journalism Fund. Charitable giving ensures our information remains free and accessible for residents to discover workforce programs and entrepreneurship pathways. This includes philanthropic grants and individual tax-deductible donations from readers like you.
  • Use our Preferred Partners. Our directory of vetted providers offers high-quality recommendations for services our readers need, and each referral supports our journalism.
  • Use our services. If you need entrepreneurs and tech leaders to buy your services, are seeking technologists to hire or want more professionals to know about your ecosystem, Technical.ly has the biggest and most engaged audience in the mid-Atlantic. We help companies tell their stories and answer big questions to meet and serve our community.
The journalism fund Preferred partners Our services
Engagement

Join our growing Slack community

Join 5,000 tech professionals and entrepreneurs in our community Slack today!

Trending

Inside Maryland’s latest effort to support emerging businesses

A Baltimore entrepreneur’s new platform aims to topple tech silos

This Week in Jobs: The kernel of a new career is in these 20 tech opportunities

Technically Media