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IKEA invests over $22M in ”buy now, pay later” company

Sep 01, 2021

IKEA has already been offering financing in its stores via the Jifiti platform since 2019

IKEA

Ikea invests over $22M in ”buy now, pay later” company. Source: pexels.com

Ingka Investments, the investment arm of IKEA’s owner and operator Ingka Group has invested $22.5 million in Jifiti, for a minority stake in the company.

Ingka Group is taking decisive steps into financial services, and a core part of our journey is to help make IKEA more affordable and accessible for our customers. This deal will further our integration of easily accessible financing solutions into the IKEA offering. Our investment in Jifiti is another exciting step for Ingka Investments as it follows our recent other financial services investment in Ikano Bank. We are confident this new investment will support us even more in becoming a life-long partner to our customers, by helping to improve their life at home and grow their businesses
Krister Mattsson, Managing Director of Ingka Investments

According to the press release, Ingka Group and Jifiti have a long-standing commercial partnership with Jifiti acting as a facilitator of IKEA Retail’s and consumer financing services.

The aim is to have the Jifiti platform facilitate the IKEA in-store and e-commerce POS financing across markets. Ingka Group and Jifiti will collaborate to develop and extend IKEA Retail’s financial services to its 706 million annual in-store customers and 3.6 billion e-commerce visitors worldwide.

Besides, the investment will enable Jifiti to embark on its next growth phase and achieve its goal of becoming the leading POS financing platform. The company plans to enhance its technological and product development, and scale internationally to new markets.

We’ve reported that Amazon rolled out its store on Korea’s e-commerce marketplace.

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