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Wisetack

www.wisetack.com link_icon

Company Market Research Report: Wisetack, Inc.



Company Overview


  • Name: Wisetack, Inc.

  • Mission of the Company: Build financial products that do right by people

  • When was the company founded and by whom: Founded in 2018 by Bobby Tzekin and Koyla Klymenko

  • Key People in the Company:

  • Bobby Tzekin, CEO and Co-Founder

  • Koyla Klymenko, CTO and Co-Founder

  • Eddy Chen, Vice President, Risk, Analytics & Finance

  • Katya Baron, Vice President, Capital

  • Sean Devlin, Vice President, Product

  • Iris Pfeifer, Vice President, Growth

  • Tony Tai, Head of Customer Experience

  • Kala Sherman-Presser, General Counsel & Head of Compliance

  • Rebecca Pigg, Vice President, People

  • Headquarters: San Francisco, California

  • Number of Employees: No information is available

  • Revenue of the Company: No information is available

  • What is the Company Known For: Wisetack is known for providing installment payment solutions for in-person services, such as home repairs, auto repairs, dental services, and elective medical treatments. Through partnerships with banks and software companies, Wisetack offers fair and transparent consumer financing options.


Products


  • Products Offered:

  • Consumer Financing for Services

  • High-Level Description of the Product:

Wisetack offers a lending platform that provides installment payment options to customers purchasing services. The products are integrated through APIs into the existing software used by merchants, enabling seamless pay-over-time solutions.
  • Key Features:

  • Financing amounts ranging from $500 to $25,000

  • Terms from 3 to 60 months

  • APRs as low as 0% up to 35.9% based on creditworthiness

  • Transparency with no late fees, origination fees, or prepayment penalties

  • Easy and quick application process with decisions in under a minute

  • Integration with popular software platforms, allowing merchants to offer financing options directly from their systems


Recent Developments


  • Recent Developments:

  • Partnership with Citizens Financial Group in June 2023, allowing Citizens Bank to tap into Wisetack’s customer base and enabling Wisetack to leverage Citizens' large infrastructure.

  • Recognition in industry awards, including being ranked No. 21 on the 2024 Inc. 5000 list and receiving the Best Embedded Finance Solution 2024 by Fintech Futures.

  • Launch of an extended 0% APR financing option for up to 24 months.

  • Notable media mentions and articles about rising in the point-of-sale financing space alongside major players like Affirm and Synchrony Financial.

  • New Products Launched:

  • Introduction of the 0% APR financing add-ons to cater to home services, dental, and elective medical services, allowing businesses to offer customers true interest-free installment options for up to 24 months.

  • New Features Added to Existing Products:

  • Expansion of prequalification links for businesses to increase customer engagement and conversion.

  • Enhanced marketing toolkit to help merchants promote financing options more effectively.

  • New Partnerships:

  • Collaborations with several software platforms such as Jobber, SmartServ, Thumbtack.

  • Partnership with Citizens Financial Group to expand market reach and customer base.

  • Collaboration with Hatch Bank for handling the lending aspects of the transactions.


Summary


Wisetack, Inc. has solidified its position in the market by offering a highly integrated, transparent, and customer-friendly installment payment solution tailored for in-person services. Their focus on strategic bank partnerships and continuous product enhancements illustrates their commitment to delivering value to both businesses and consumers.