Start-up secures $10m for retail software

Austin-based NewComLink, a provider of products for the retail credit market, says it has raised $10 million in a new funding round, says Texas Tech Pulse.

The Series B funding came from Austin Ventures and StarVest Partners. According to the firm, it will use the new funding for 'aggressive growth'.

NewComLink was founded by Suneet Paul, who founded Dell Financial Services, along with Jim White, also of Dell Financial Services.

According to Statesman.com, the company, founded in 2008, wants to change the way retailers respond to customers' applications for in-store credit cards.

US retailers receive more than 200 million credit applications a year, but about half are rejected, according to John Grund, a partner at First Annapolis Consulting. But many of those shoppers are creditworthy, NewComLink officials say.

To save the sale, NewComLink aims to provide customers with financing alternatives at the register or during an online transaction. Those include non-branded credit cards, instalment loans and lease purchase options.

According to Paul, NewComLink is transforming the retail credit industry with a technology platform that brings new efficiencies to financing, reports iStock Analyst.

“Many of today's consumers are under-served to the tune of tens of billions in lost retail sales each year. NewComLink unlocks value by improving consumers' access to credit at point of need - benefiting retailers, consumers and lenders all at the same time.”

“Retail credit is ripe for innovation and we believe NewComLink is well-positioned to radically transform a multi-billion dollar market that touches most American consumers today,” says Laura Sachar, general partner at StarVest Partners.