The Fintech starting pillow stops after 8 years and more than 20 million dollars in financing

pillowFintech’s start -up, which described itself as “engraved to buy now, and later payment (BNPL)”, has been closed.

On Thursday, Founder and CEO Paul Kisserouane to publish LinkedIn about the company’s decision to land at the end of 2024.

In this position, Keserwani said that although many new Fintech products are introduced to the market “,” pillow “It did not reach the scale needed to maintain work.”

Founded in late 2016, a San Francisco headquarters raised a total of $ 21.6 million from investors such as Capital, Flourish Ventures, Vestigo Ventures, Better Tomorow Ventures and 500 Global.

The last increase was publicly announced in May 2022 when it was closed Series worth 12 million dollars a Leading the aforementioned capital. Its evaluation after money in 2022 amounted to $ 82.4 million, according to Cook.

Keserwani did not immediately respond to the TECHCRUNCH request for comment.

The pillow offered the application of the consumer who was absorbed in the history of the transaction from the accounts of its banking users, identified the fees that were evaluated and then conducted negotiations on their behalf to recover the funds. Designed, Kissarwani Teccrunch said In 2019, the alignment of incentives with consumers is to take only a commission on any return money.

Keserwani got the idea of ​​Cushion after leaving its function on Twitter. While spending time to think about what he wanted to do after that, he was helping his parents to manage their bank accounts while traveling to work in Lebanon. Due to bank security policies, his parents were unable to log in to their novels from Lebanon, and in the end they faced a mountain of banking drawings while not monitoring their accounts. Kisarewi also realized his own novels, and realized that he was also paying a $ 400 fee that he had not approved.

In LinkedIn Post on Thursday, Kesserwani said that her Cushion negotiated on automated banking fees and reached $ 3 million in 10 months and processed more than $ 300 million in BNPL loans. He added that the company has shared more than a million consumers over time, with more than 200,000 customers paying.

Keserwani wrote: “I was given the pillow of everything I had for 8 years. Although the result was not what we were hoping, we built something that pushed the industry forward – and I am proud of that. For me, I am excited about the next.”

The data indicates that it is expected to be 2025 Another brutal year to close the startup. In late December, another seat – seat – only suddenly closed To acquire After days.

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