Elyn, a French FinTech company, has raised $2.7 million in its pre-seed funding round. The investment was led by Headline and Sequoia Arc. The platform aims to provide customers with better flexibility and convenience in online shopping.
Offering a unique “try-before-you-buy” option
Elyn’s unique offering provides customers with the ability to try items before they have to pay for them. Speaking of this feature, Elyn co-founder and CEO El Mehdi Hachad said, “With try-before-you-buy, you only pay for what you decide to keep.”
The platform’s approach is a notable shift in the way online shopping works. Typically, customers have to pay upfront for the items they purchase online and then wait for them to be delivered. Elyn’s approach is different, as it enables customers to select and reserve items without paying for them upfront.
Better conversion rates and basket sizes
According to Elyn’s website, the try-before-you-buy option has led to a 30% increase in conversion rates, which means that customers are more likely to purchase items. The platform also boasts a 20% increase in the size of the average shopping basket, potentially due to the fact that customers are encouraged to try out more items.
Flexible Payment and Returns
Once the customer has validated their shopping basket, they are not immediately charged. Instead, they have five days to receive and try the items before they are billed. Customers do not have to pay for items they do not want, but they must return them within the five-day period.
Elyn’s approach to returns is also different. Instead of just accepting returns, Elyn hopes to turn them into exchanges. The platform claims to convert 40% of returns into exchanges, providing customers with the opportunity to find an item that they will ultimately keep.
Other French fintech companies are raising capital
Elyn is not the only French FinTech company to raise capital this week. Aria has also secured funding, raising €50 million in debt fundraising. Aria offers embedded invoicing finance, providing businesses with capital to support their growth.
Elyn’s unique offering provides a notable shift in the way online shopping works, providing customers with more flexibility and convenience. The platform’s successful pre-seed funding round speaks to the growing interest in innovative FinTech companies that offer unique solutions to long-standing issues.
As Elyn continues to develop its offerings and expand its customer base, it is poised to be a central player in the evolution of e-commerce.