The fresh funding will see further expansion and enhancements of Fero’s payment solution as it expands its teams in Europe and the US.
Fuelled by the possibility of solving issues in online payments for end-merchants Craig Savage and Maximilian van Boxel, both ex-Ekata and Mastercard, founded Fero while participating in Antler’s founder residency in 2022.
“As a payments data scientist, I was shocked when I started to uncover the level of abandonment during the checkout and payment journey. Today, upwards of 45 percent of customers place items in their shopping cart, but never finalise their purchase due to payment-related issues - over $5.2 trillion of lost revenue per year,” says Savage.
By creating personalised purchase preferences Fero simplifies the online process making it more seamless for consumers to complete their payments. Through the sequenced application of segmentation, multi-classification prediction and reinforcement learning, Fero learns a shopper’s purchase preferences to deliver the best payment experience.
"It's exciting to see the Fero team take a unique approach that leverages behaviour analytics to deliver purchase solutions that will improve the shopping experience and drive revenue for retailers," says Elena Sakach, Partner, Coatue.
Lead image: via Fero. Photo: Uncredited.