Gynger, a startup based in New York, has attracted vast capital to help revolutionize the procurement of technology products. Gynger obtained a debt facility from CIM (Community Investment Management). The terms of the agreement enable Gynger to draw up to $100 million of funding. Here we are talking about US Startup Gynger completes $20 Million Series A and lands $100 Million debt facility.
Series A Funding
Gynger secured $20m in funding for Series A from PayPal Ventures. Other investors involved included Gradient Ventures, Google’s AI investment arm, Velvet Sea Ventures, BAG Ventures, and Deciens Capital. Gynger has today raised $31.7 million in total venture capital.
Gynger’s Core Values
Innovation, collaboration with colleagues, and customer’ enablement are Gynger’s primary values. Gynger tirelessly searches for ways to make technology procurement and financing more innovative. According to this, customer needs are valued by focusing on smooth and integrated experiences and easy payment solutions.
Gynger is also transparent in all proceedings, thus establishing credibility to the buyers as well as sellers. The company quickly responds to changing market conditions and is always competitive in the growing Technological environment. These values guide Gynger to transform the way technology financing works for enterprises.
Gynger’s Mission
Gynger operates more as a “buy now and pay at a later date” for the organization procuring technology. It purchases goods for the customers paying for them, and the customer in return pays back Gynger. Gynger’s goal is to decrease the complexity of buying technology for businesses. They offer unsecured credit lines to firms, enabling them to elongate their cash horizon and keep money aside. Customers are sold credit as the platform relies on the application of artificial intelligence and data analysis to underwrite and disburse credit.
Gynger’s Vision
Gynger’s goal is to bring efficiency and effectiveness to the buying process of technologies. It is creating a completely integrated and automated financing solution as a part of the technology buying and selling processes. Their objective is to bring a shift in the structure of the technology deals today, enabling organizations to secure funding for software and technology acquisition. In this way, Gynger plans to offer more suitable funding options to help businesses progress more rapidly, free up cash, and strengthen their technical applications.
Gynger’s plan to collaborate with technology vendors
Gynger works with technology vendors by providing financing in their account receivables technology offering. Gynger links to technology suppliers’ systems. Also, through Gynger, vendors can provide a variety of payment options to their consumers. If a customer purchases technology from a vendor, Gynger makes an immediate payment to the vendor. The customer eventually pays Gynger back at their leisure, settling their bill in a way that is most suitable for them. Payment is made to the vendors promptly increasing their cash flow. According to Gynger’s case, financing option positively affects customer satisfaction and customer retention.
Vendor and Market Benefits
For the technology vendors, Gynger provides an accounts receivable platform for financing to be integrated into their products. While Gynger makes upfront payments to the vendors, on the other hand, the customers prefer flexible modes of payment. Worldwide IT spending is expected to reach $4.7 trillion in 2024, which indicates a massive opportunity for Gynger.
Conclusion
As for innovation, Gynger’s approach is to fill in the gap between buyers and sellers to facilitate technology transactions and enhance businesses. In dealing with clients, Gynger facilitates efficient transactions and enables organizations to obtain the right technologies for their use while managing their cash better.
