Clerq Raises $21 Million In Funding To Expand Its High-Ticket Payments Solution

Payment platform for high-ticket transactions, Clerq, has announced the completion of a $21 million funding round. The firm said the capital will be used to power the future of payments. The funding includes a $12 million Series A round led by 645 Ventures.

Other participants in the round include existing investors such as Dash Fund, Commerce Ventures, Fika Ventures, and FirstMark Capital. New investors also joined the funding round, including Yossi Levi, founder of Car Dealership Guy, and Freidkin.

Since its launch, Clerq has seen high demand for its payment services in high-ticket industries. The traditional market has been underserved by card-first incumbents. But Clerq says its goal is to offer specialized payment services and an innovative checkout experience. The new payment methods will replace traditional, outdated methods like wire transfers and checks with easy, fast account-to-account payments.

Clerq Sees Multiple Growth Over The Past 12 Months

Clerq announced that its platform grew six times over the past year. The growth has obviously attracted investors to its innovative platform. The growth also highlights the high demand for the platform’s payment system.

The card-based payment infrastructure has undergone significant digitalization over the past 10 years. High-ticket verticals have been at the receiving end of this change. While verticals remain relevant in the US payment sector, they rely on outdated payment methods. The payment options create high friction for customers and expose merchants to significant risks.

Clerq says it is bridging the gap by offering a modern solution that drives conversion, giving customers the freedom from heavy card surcharges. It also means merchants may take on payment risks and sacrifice margins.

Clerq Wants To Offer Innovative Account-To-Account Payments Solution

Clerq says it processes close to a billion dollars in payment volume for major online marketplaces, Fortune 500 retailers, and other top enterprises across the powersports, automotive, and home and office ticket verticals.

Chief Financial Officer of Friedkin Auto, Josh Holm, commented on the development. “Clerq has helped our dealerships provide a smooth, modern checkout experience for our customers,” he said. Holm added that the firm can avoid costly and stressful payment method checks without worrying about expensive card fees.

He said Clerq’s payment platform is unique and offers great value to customers. It’s no surprise that Friedkin Auto jumped at the chance to become part of the company’s growth in the funding round.

Managing Partner and Co-founder of 645, Nnamdi Okiki, also heaped praise on Clerq’s solution. He said his company has seen Clerq’s growth trajectory and that the team is happy to be part of it. The funding will strengthen Clerq’s position as a strong force behind the adoption of account-to-account payments in the U.S.