Ingka Group, the parent company of Sweden-based furniture giant Ikea, has bought a minority stake in fintech company Jifiti for $22m.
Ingka Group made the investment through its investment arm Ingka Investments.
Go deeper with GlobalData
US-based Jifiti, which offers white-labelled point-of-sale financing solutions for banks, plans to use the funding to fund its growth plans, enhance technology, upgrade product portfolio and foray into new markets.
Notably, Ikea and Jifiti have been working together since 2019. The furniture retailer, through its banking partners in Spain, France, Portugal, and Belgium, has been offering financing in its stores through the Jifiti platform.
It aims to roll out retail and consumer financing services through Jifiti in other countries too.
Ingka Investments managing director Krister Mattsson said: “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.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataJifiti co-founder and CEO Yaacov Martin said: “This investment will empower both our organisations to achieve our goals in the point-of-sale financing space and fuel Jifiti’s technological and international growth. A partnership, such as ours, that serves the vision and purpose of both parties is poised for success and will have a positive impact on the BNPL industry.”
Earlier this year, Ikea bought a 49% stake in Ikano Bank, a UK-based retail finance company that specialises in point-of-sale (POS) loans and store-branded credit cards.
