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China’s JD Logistics Sets Sights On Going Public Raising $3.4 Billion

China’s JD Logistics Sets Sights On Going Public, Raising $3.4 Billion

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Big-time investors are getting onboard as JD Logistics gears up for a possible $3.4 billion initial public offering (IPO), several news reports said Monday (May 17). The logistics division is an offshoot of Chinese eCommerce behemoth JD.com.

Reuters said Monday the company’s filings show that, at $3.4 billion, it would be one of Hong Kong’s largest share sales this year. JD Logistics is selling 609.1 million shares.

The IPO follows Hong Kong share sales by JD.com and another of its subsidiaries last year, which in total raised nearly $8.5 billion, said Dealogic, which follows the financial markets. The Wall Street Journal reported that JD.com has used the logistics division — which offers speedy delivery — as another sales pitch in China’s eCommerce wars. Alibaba Group Holdings is a top competitor.

JD Logistics stores and delivers groceries, clothes, home appliances and electronic gadgets across China.

Last month, JD Digits said it was setting up a financial holding company to be in line with China’s changing regulatory posture. The country’s new rules have financial technology companies (FinTechs) treated more like banks than in the past.

The new regulatory posture is what led to the collapse of Ant Group’s IPO last year. Ant Group, which made loans to millions of consumers, is a financial offshoot of Alibaba.

For its IPO, JD Logistics has secured seven so-called cornerstone investors, who have committed to buying $1.53 billion of stock. Share prices are still to be determined. These investors, the WSJ reported, include units of SoftBank Group Corp., Temasek Holdings and Blackstone Group.

Stephen Wong, a Hong Kong-based investment manager at Park Capital Group, told the WSJ that he didn’t plan to subscribe to the IPO. He said that, instead of investing in an infrastructure operator such as JD Logistics, he would rather buy stock in companies directly involved in technology and eCommerce.

“JD Logistics’ capital-intensive business model carries high overhead costs, making it less attractive than other high-growth and asset-light technology startups,” he said.

JD Logistics became an independent business in 2017 — and now serves other companies besides its parent firm JD.com. It competes with businesses such as Shenzhen-listed S.F. Holding Co., ZTO Express Cayman Inc. and Alibaba’s logistics arm, Cainiao Network Technology Co., per WSJ.

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May 17, 2021 at 07:13PM
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GoodRx Picks Its Battles With Amazon And Healthcare Costs

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https://www.pymnts.com/healthcare/2021/goodrx-picks-its-battles-with-amazon-and-healthcare-costs/
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The market is wondering what to make of GoodRx after a mixed earnings report last week. Q1 revenue was up 20 percent, rising to $160.4 million from $133.4 million a year earlier. But net income was a miss — down $27.3 million to $1.7 million, a situation the company attributed to bringing on $46.5 million in stock-based compensation expenses.

“We’re transitioning from the COVID crisis into the other healthcare crisis, which is that people simply cannot afford their care,” Co-CEO Doug Hirsch said in an interview on CNBC. “We feel like our business is rock-solid and just getting better.”

The market agreed with the analysis, as GoodRx saw its stock price tick up 10 percent as the results went public on Friday (May 14). Such movement in stock price has been the exception rather than the rule since the digital prescription firm first went public last September.

Among investors’ main fears for GoodRx’s future is Amazon, which last fall announced intentions to level up its pharmacy game — a move that sent GoodRx’s stock price spiraling down 22.5 percent in a single trading session, based on concerns that the small, up-and-coming digital pharmacy firm would not be able to compete once retail’s resident 800-lb. gorilla stepped into the competitive arena.

It’s a threat that the GoodRx team has downplayed in the past, and was quick to attempt to deflate during its earnings call with investors last week, noting that for all the press Amazon has gotten for its various moves to take on the medical segment and prescription market, its actual success in doing anything but generating a lot of headlines is in fact pretty limited.

“Based on third-party data, they have not been successful. Mail-order prescriptions only make up about 5 percent of fill count in the U.S. Even through COVID, mail has remained a small piece of overall volume, and is now actually starting to decrease as COVID eases,” GoodRx CFO Karsten Voermann told investors during the earnings call last week. “Third-party data indicates that Amazon Pharmacy is not gaining momentum and that their volume remains incredibly small.”

Building out on that comment, CEO Hirsch noted the GoodRx business is durable, highly predictable and able to provide value to its customers across the board — all attributes that no one, including Amazon, can match, given GoodRx’s unique ability to open new revenue streams and new methods of communication with consumers.

Moreover, Voermann told investors that GoodRx is cheaper than Amazon about 90 percent of the time and offers a lower retail price almost 100 percent of the time, based on its internal research. “I’d have you also remember that 70 percent of consumers still don’t know prescription prices can vary significantly across pharmacies. And so if awareness of this topic increases, we believe we will only benefit,” he said.

But the company has been less sure of late. Earlier this month, GoodRx saw its stock price take a 5 percent dive on Amazon’s announcement that Prime members can now search for a drug and compare prices at Amazon Pharmacy and more than 60,000 pharmacies nationwide that accept the discount benefit, and that Prime customers can now determine their expected co-pay for a medication before ordering.

“As more and more people look to complete everyday errands from home, pharmacy is an important and needed addition to the Amazon online store,” Doug Herrington, senior vice president of North American consumer, Amazon, said in a statement. “PillPack has provided exceptional pharmacy service for individuals with chronic health conditions for over six years. Now, we’re expanding our pharmacy offering to Amazon.com, which will help more customers save time, save money, simplify their lives and feel healthier.”

GoodRx is still a powerful player in the digital pharmacy scene: To date, it still tops PYMNTS’ Provider Rankings of pharmacy players by a healthy 10+ point margin.

But the competition is coming — from both Amazon and a host of startups looking to nudge GoodRx out of that top spot as soon as possible. The firm is still growing, and in recent weeks has made acquisitions to expand. But investors still seem unsure of whether GoodRx can build a big enough lead to stay healthy if the competition from a mega-player like Amazon heats up much more.

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May 17, 2021 at 07:03PM
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World Economic Forum Cancels Singapore Meeting

World Economic Forum Cancels Singapore Meeting

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https://www.pymnts.com/news/international/2021/world-economic-forum-cancels-singapore-meeting/
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The World Economic Forum’s annual meeting in Singapore is being canceled due to uncertainty surrounding new variants of COVID-19, dubious travel outlook, and the different speeds that vaccinations are being rolled out across the globe.

The meeting was scheduled to take place in August and is now being planned for the first six months of next year. A date is anticipated to be firmed up after assessing the situation in the summer, according to Monday (May 17) press release from the World Economic Forum (WEF).

The WEF stated that the Singapore government offered “excellent support” but the worldwide circumstances due to the pandemic made a global meeting “impossible to realize” given the scale of the event and the number of leaders expected to attend from all corners of the world. 

“It was a difficult decision, particularly in view of the great interest of our partners to come together not just virtually but in person, and to contribute to a more resilient, more inclusive and more sustainable world,” said Professor Klaus Schwab, Founder and Executive Chairman of the World Economic Forum. “But ultimately the health and safety of everyone concerned is our highest priority.”

Schwab said WEF will continue to communicate with its various partners about the central tenets of the agenda.

The annual meeting usually takes place in Davos, Switzerland, but organizers decided in December 2020 to change the location to Singapore, Reuters reported. Held since 1971, the event is typically attended by political and business leaders from around the world.

New cases in Singapore have spiked, with 193 domestic cases, compared to 55 last month and nine in March. Many people have been testing positive for the B.1.617 coronavirus variant first found in India, South China Morning Post reported.

Last August, WEF postponed the annual meeting to this year due to the worldwide pandemic. The WEF said that since the pandemic, nearly 1,800 organizations joined the forum’s COVID Action Platform.

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May 17, 2021 at 06:11PM
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IRIS Software Payments Services Western Union Link Up To Offer Global Payroll

IRIS Software, Western Union Link Up To Offer Global Payroll, Payments Services

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https://www.pymnts.com/news/partnerships-acquisitions/2021/iris-software-western-union-link-up-to-offer-global-payroll-payments-services/
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The U.K.’s IRIS Software Group and Western Union Business Solutions are teaming up on a five-year international partnership “to offer simplified payroll and payments solutions worldwide.” In a press release on Monday (May 17), the companies said they would serve the growing demand for cross-border payroll and currency payments for global organizations.

The business solutions division is Western Union’s payments arm, which includes cross-border, cross-currency money movement and payments. The division enables organizations to send, receive and manage international payments through its worldwide network that spans 200 countries and territories.

Privately held IRIS said it is the U.K.’s largest software company, and that its fully managed payroll services take in about 20 percent of the U.K. workforce. The release added that IRIS provides software products and services for finance, human services and payroll teams, educational organizations and accountancy firms. The company has more than that 100,000 customers in the U.K. and internationally.

David Munn, director of international payroll services for IRIS, said, “Working with a trusted partner brings swathes of security for customers, as both parties understand the challenges of global payroll and payments in both mature and emerging international markets.”

Frederic Simon, regional vice president for Europe at Western Union Business Solutions, said that “globalization, increased legislation and the acceleration of digital technology are propelling multinational and global organizations to reimagine their payroll operations.” He added that companies “need to ensure they can pay international employees on time, in the right currency, with confidence and ease.”

Earlier this year, Western Union announced it was expanding its international currency options. “We are continuously advancing our capabilities to give our clients the tools to access the growing global marketplace,” Scott Johnson, head of product at Western Union Business Solutions, said at the time. “Customers expect, and now have, payments that are faster, traceable, transparent, consistent and more reliable. We give them that, along with our global compliance program.”

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May 17, 2021 at 06:00PM
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Container Store Teams With Afterpay To Offer Buy Now Pay Later Payments

Container Store Teams With Afterpay To Offer Buy Now Pay Later Payments

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https://www.pymnts.com/buy-now-pay-later/2021/container-store-teams-with-afterpay-to-offer-buy-now-pay-later-payments/
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Storage solution retailer The Container Store is partnering with buy now, pay later (BNPL) platform Afterpay, the companies said in a Monday (May 17) press release.

The flexible spending and payments solution will be available starting mid-June for Container Store customers in physical retail locations as well as online. AfterPay enables people to pay for items purchased in four, interest-free payments.

“Retailers that offer customers flexible spending options see increased conversion, basket size and customer satisfaction,” said Satish Malhotra, CEO of The Container Store. 

Malhotra added that aside from giving their own customers a flexible payment option, AfterPay users will have access to The Container Store’s organization solutions and “reap the benefits of living a more organized and stress-free life now.”

In a recent Afterpay survey, its customers said they would like to see participating merchants in the category of home and decor items, aside from fashion and beauty retailers.  

“We know that consumers are using Afterpay for everything they want and need in their daily lives, and The Container Store is the perfect addition to our family of merchants,” said Melissa Davis, head of North America at Afterpay.

Davis added that she anticipates that the collaboration with The Container Store will “connect young, engaged shoppers” who are looking to create organized living spaces “while spending responsibly” and sidestepping interest-heavy debt.

Founded in 1978 and headquartered in Coppell, Texas, The Container Store is a specialty retailer of storage and organization products and solutions, as well as custom closets. AfterPay was founded in 2014 and is headquartered in Melbourne, Victoria, Australia. It offers BNPL options across Australia, the U.S., Canada, New Zealand, and the U.K., France, Italy and Spain, where it is known as Clearpay. 

The Container Store recently partnered with Instacart to offer same-day and one-hour delivery from the retailer’s 93  brick-and-mortar locations. The service launched in Texas last month and will expand to 33 states and Washington, D.C. 

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May 17, 2021 at 05:50PM
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Walgreens Announces New Targeted Advertising Capabilities

Walgreens Announces New Targeted Advertising Capabilities

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https://www.pymnts.com/news/retail/2021/walgreens-announces-new-targeted-advertising-capabilities/
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Walgreens said on Monday (May 17) that it is offering more ways for brands to connect with the pharmacy chain’s customers and take advantage of the “first-party data” that the retailer collects.

In an emailed press release, the company said the expansion of the Walgreens Advertising Group’s capabilities will enable brands to reach more customers “thoughtfully wherever they choose to consume media. … This increase in investment to develop additional capabilities advances Walgreens’ media focus.”

The new advertising service includes “OTT advertising,” meaning that a TV viewer, for example, can have individually targeted content that is different from what others see.

“At Walgreens Advertising Group, we have three principles that are core to our DNA: to help brands deliver more relevant personalized experiences, to support audience-led and channel-agnostic media approaches, and to make it easy to work with us,” said Luke Kigel, vice president of Walgreens integrated media and leader of Walgreens Advertising Group.

At the end of last year, the pharmacy chain announced the launch of its Walgreens Advertising Group, “a modern, full-service, personalization-driven advertising offering,” the company said in a press release.

The hot “big retail” trend has Walgreens — along with rivals such as Walmart and Amazon — offering in-house advertising on their websites to vendors. From the retailers’ perspective, why get paid only once on a purchase if you can get paid twice? In other words, Walgreens can make money both from selling an ad on its website and then selling a product to its own customers.

“We have an unparalleled insight into consumers’ needs and shopping preferences,” said Kigel at the time, noting that Walgreens can help advertisers boost their return on investment “by unlocking the power of its first-party data.”

Also this month (May 4) Walgreens said it is rolling out nationwide same-day delivery “in under two hours” for over 24,000 retail items. The launch was seen as a way to boost sales at its 9,000 domestic locations while augmenting its omnichannel efforts

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May 17, 2021 at 05:26PM
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NYC Introduces Bill To Require Restaurant Aggregators To Share Customer Data

NYC Introduces Bill To Require Restaurant Aggregators To Share Customer Data

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https://www.pymnts.com/news/delivery/2021/nyc-introduces-bill-to-require-restaurant-aggregators-to-share-customer-data/
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In-restaurant dining may be coming back, but online ordering is not going anywhere. In fact, PYMNTS research from the most recent edition of Delivering On Restaurant Rewards, created in collaboration with Paytronix, finds that 92 percent of all vaccinated restaurant customers say they intend to keep ordering online at least somewhat as often as they do now. As online ordering only continues to grow, major restaurant aggregators are seeing revenues soar, suggesting that the difficulties these services pose for restaurants will only become more pressing in years to come. Now, New York City has proposed a solution to one of these key challenges — the sharing of data.

A newly-introduced New York City Council bill would require restaurant aggregators to share customer data with restaurants, reports Restaurant Business. The bill, proposed by Council Member Keith Powers on Wednesday (May 12), was introduced to the city’s Committee on Consumer Affairs and Business Licensing. The bill, Introduction Number 2311, would mandate that third-party food delivery services, “share certain customer information with restaurants with whom that customer is placing a food or beverage order,” including “the customer’s name, phone number, e-mail address, delivery address and the contents of their order.” Additionally, the bill’s summary states, “the third-party food delivery service could not prevent the restaurant from marketing to the customer using that information.” The requirement would go into effect 60 days after the passage of the bill.

The NYC Hospitality Alliance, which represents the city’s restaurant and nightlife establishments, “led the fight” to get the bill introduced, according to the group’s statement. The group has also been active, since the start of the pandemic, in pushing for delivery fee caps and in calling attention to the financial burden that the past 14 months have placed on the city’s restaurants.

“This legislation is so important because it removes a major barrier certain third-party delivery companies place between restaurants and their customers, by enabling them to directly manage their relationships with their customers, offer them deals, market to them, and more,” the Alliance’s statement reads. “We commend Council Member Keith Powers for sponsoring this legislation and we will now advocate to get it passed into law.”

The data sharing issue is key, driving many restaurants to seek out alternatives to the traditional third-party model. Aggregators’ retention of the data at best deprives restaurants of the opportunity to develop a relationship with their customers, and at worst can have more serious consequences for restaurants.

As Olo CEO Noah Glass predicted to Karen Webster in 2019, “Looking around the corners a little bit, it seems inevitable to me that, with all of [the aggregators’] data on what consumers like and want, they have built the perfect path to opening their own ghost kitchens and private-label brands to serve up to consumers who order through their platform[s].”

In fact, some aggregators have already started doing this.

DoorDash and Grubhub have spoken out against the proposed NYC bill, framing it as an issue of consumer privacy. It is worth noting that both of these aggregators offer products that provide restaurants access to this same customer data.

“DoorDash is committed to protecting user data and privacy and cannot support efforts to force delivery platforms to share customer data without customer consent,” said a DoorDash spokesperson to Crain’s New York of the bill.

“We believe in the principle that restaurants should have the data to build relationships with their customers, which is why we launched Grubhub Direct to help restaurants acquire and market to their own customers,” a Grubhub spokesperson told Restaurant Business. “But we’re committed to the privacy of diners who use Grubhub, and this proposal would force an unprecedented weakening of consumer privacy protections.”

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May 17, 2021 at 05:07PM
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AT&T’s WarnerMedia Merging With Discovery In $43 Billion Mega Deal

AT&T’s WarnerMedia Merging With Discovery In $43 Billion Mega Deal

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https://www.pymnts.com/news/partnerships-acquisitions/2021/atts-warnermedia-merging-with-discovery-in-43-billion-mega-deal/
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AT&T is planning to spin off WarnerMedia in a $43 billion merger deal with competitor Discovery in a move that will create a TV, film and streaming powerhouse, according to AT&T and media reports on Monday (May 17).

AT&T’s shareholders will get a 71 percent stake in the combined entity and Discovery shareholders will get 29 percent. The new company has projected 2023 revenues of approximately $52 billion, adjusted EBITDA of approximately $14 billion, and a free cash flow conversion rate of approximately 60 percent, according to the AT&T press release.

The transaction will combine WarnerMedia’s content library of sports, news and family entertainment, with Discovery’s trove of local-language content and regional expertise from more than 200 countries. Content plans for the new company include an expanded library of original shows, enhanced programming options, and innovative video experiences and consumer choices. 

AT&T CEO John Stankey said WarnerMedia and Discovery have “complementary content strengths” and the merger makes the new entity in a position of being among “leading global direct-to-consumer streaming platforms.”

“AT&T shareholders will retain their stake in our leading communications company that comes with an attractive dividend. Plus, they will get a stake in the new company, a global media leader that can build one of the top streaming platforms in the world,” Stankey added.

The companies said the deal is expected to close in the middle of 2022. WarnerMedia includes Warner Bros film and television studios, HBO and a suite of cable channels including CNN. Aside from local-language content, Discovery also has a menu of DIY programming, animal shows and lifestyle content. 

AT&T acquired Time Warner in 2018 for $85 billion. AT&T recently uploaded numerous assets and has been earmarking funds for 5G development.

In 2015, 24 percent of Americans didn’t have cable television or satellite, according to Pew Research. This year, 44 percent don’t have either. That’s a drop of almost a 50 percent in six years.

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May 17, 2021 at 04:40PM
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Marqeta's Total Processing Volume Up 167 Pct Year Over Year 

Marqeta’s Total Processing Volume Up 167 Pct Year Over Year 

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https://www.pymnts.com/news/payment-methods/2021/marqeta-total-processing-volume-up-167-pct-year-over-year/
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The digitization of commerce is helping to digitize card issuance – and, by extension, is leading Marqeta to Wall Street. As noted in this space, Marqeta’s IPO could value the firm at as much as $10 billion.

The company’s business is focused on issuing debit and credit cards to employees and contract workers through a single, cloud-based, open API platform, to enable what it calls “next-generation payment experiences.”

For all of 2020, the firm said sales were more than $290 million, up more than 100 percent year on year; the net loss was $47.7 million, better than the $58.2 million net loss logged in the previous year.

In terms of the cards themselves, the company’s platform allows its customers – among them Affirm, DoorDash, Instacart, Klarna, and Square — to create customized payment cards.

“Before the rise of modern card issuing, creating cards was slow, complex and subject to mistakes,” the filing reads. The platform, according to Marqeta, is powered by APIs to help create and issue cards for commercial and consumer use cases.

“Modern platforms with open APIs are democratizing access to ecosystems, including payments, giving businesses and their developers the tools they need to embed payments into their offerings with minimal friction,” said Marqeta. “In the past, payments have been the domain of a very limited number of players with specific expertise, and now, with modern platforms, developers have convenient access to this expertise.”

Rising Volumes 

Since its inception in 2010, the company has issued more than 320 million cards, with $60 billion in volumes processed in 2020. At the end of last year, according to the filing, the company had 57 million active cards, defined as the number of transacting cards with one or more successful clearing events during the preceding 12 months.

In more recent activity, the company stated that for the quarter that ended in March, the Marqeta platform processed $24 billion of total processing volume, or TPV, up 167 percent from $9 billion in the three months ending March 31, 2020. In 2020, the Marqeta platform processed $60.1 billion of TPV, up 177 percent from $21.7 billion in 2019.

In terms of greenfield opportunities, the company said that its full-year 2020 TPV is less than 1 percent of the $6.7 trillion of transaction volume conducted through U.S. issuers that same year, and “a fraction” of the $30 trillion of value that crosses the payment card networks annually.

All S-1 filings carry a list of risk factors, and Marqeta’s include an acknowledgment that the company generates “significant net revenue” from its largest customer, Square. Any fluctuation in Square’s business could conceivably have a material impact on Marqeta’s results. In 2019 and 2020, Square accounted for 60 percent and 70 percent of Marqeta’s net revenue. For the three months ending March 31, 2021, 73 percent of the company’s net sales came from Square.

The firm further elaborated that the current agreement with Square for Square Card expires at the end of 2024, while the current agreement for Square for Cash App expires in March 2024 (though each contract renews automatically for successive one-year periods).

In terms of other forms of what might be termed “business concentration,” Marqeta noted that “a significant portion of our payment transactions are settled through one issuing bank, Sutton Bank.” For the years ending December 31, 2019 and 2020 and the three months ending March 2021, Sutton accounted for approximately 97 percent, 96 percent and 94 percent of the firm’s TPV settlement.

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May 17, 2021 at 04:18PM
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Secondhand Furniture Startup Kaiyo Lands $5 Million In Fresh Funding Will Expand To DC

Secondhand Furniture Startup Kaiyo Lands $5 Million In Fresh Funding, Will Expand To DC

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https://www.pymnts.com/news/retail/2021/secondhand-furniture-startup-kaiyo-lands-5-million-in-fresh-funding-will-expand-to-dc/
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Secondhand furniture marketplace Kaiyo announced Monday (May 17) that it has raised $5 million to fuel its expansion at a time when consumer demand for reCommerce, resale and circular economy retailing is surging.

In announcing the capital investment led by Moderne Ventures, Kaiyo’s founder told PYMNTS that he planned to expand the 2-year-old startup’s “white glove” pick-up and delivery service beyond its New York, New Jersey, Connecticut and Philadelphia core to Washington D.C., while also pursuing new business in the burgeoning market of first-time home buyers.

“Kaiyo picks up, cleans, photographs, and delivers all products sold on the platform, offering a more simple and streamlined process for both the buyer and seller,” Kaiyo Founder Alpay Koralturk said. “Everything is priced intelligently using our algorithm and discounted automatically over time, so [consumers] can get incredible savings on their favorite brands, while also making an environmentally-friendly choice.”

The 2 Million Pound Switch

In just over two years, the choice of Kaiyo’s customers to buy pre-owned sofas, bedroom sets, chairs and more has collectively kept over 2 million pounds of furniture out of landfills, a trend that is aligned with its mission to save people time, money while also acting to protect the environment.

“Not many people know it, but furniture is the largest waste category in America [and] on top of that, there’s virtually no way to recycle furniture in our country,” Koralturk said.

But by offering consumers a super-convenient way to buy and sell high quality, long-lasting furniture brands at a fraction of their original price, Kaiyo has been able to turn browsers into repeat customers.

“Many of our customers are looking to save money, so we provide them access to designs and brands that they may not otherwise be able to afford at full price,” he said, which encourages them to “move away from cheaper, less sustainable, single-serve furniture brands”.

Like many of its peers and rivals in the resale segment, oftentimes Kaiyo’s customers initially try the service as either a buyer or a seller but ultimately end up embracing both sides of the trade.

“We see this as well,” he said. “People form an attachment to their furniture, so when it’s time to change up their decor, they really want to see their old pieces find a good home.”

Good Homes And New Homes

According to Koralturk, Kaiyo uses both traditional marketing channels but also hosts events for first-time homebuyers aimed at simplifying a process that is already stressful and expensive.

“Kaiyo is addressing a huge pain point for consumers by taking the hassle out of buying and selling used furniture in a secure way, enabling consumers to reduce waste and save money,” Moderne partner and Kaiyo investor/customer Liza Benson said, adding that the Chicago-based venture capital firm was also opening up its B2B channels for Kaiyo in the multi-family, residential and commercial markets.

To be sure Kaiyo is not alone in its embrace of the benefits surrounding the purchase and sale of second hand goods and is expanding alongside numerous other startups that are riding the same wave.

In the past week, the secondhand uptrend could be seen in the earnings results and user growth stats from The RealReal, Poshmark and thredUP that not only reflected consumers being more comfortable with the reCommerce concept, but also that they are being retrained to think of shopping secondhand first.

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May 17, 2021 at 04:14PM
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