LaterPay Secures US$10 Million in Funding to Drive Platform Expansion
Aims to establish a global standard for effortless buying, tipping and selling of digital goods
NEW YORK, NY -- May 28, 2020 -- LaterPay, the buying, tipping and selling platform for digital content, announced today that it has raised fresh capital to further drive its goal of seamlessly supporting the value exchange between creators and consumers online. The company recently added US$10 million to its capital pool.
The financing comes at a time when the global media landscape is experiencing a fundamental shift in consumer behavior, accelerated by the outbreak of the COVID-19 coronavirus pandemic. With some content providers relaxing traditional paywalls in response to audiences’ need for quality content and information from the sources they trust, creators are increasingly offering consumers the chance to support their work and the quality content they provide through voluntary contributions.
“The US$10 million raised will go into making it even easier for creators and the platforms they use to natively integrate pricing and contribution tools around their content so consumers aren’t taken out of their trusted environment.” Ene continues. “LaterPay is not the destination but rather the buying/tipping/selling wrapper for any digital content. Making it easy for musicians, artists, writers, photographers, videographers, and others to make money doing what they love.”
This closed financing round once again underlines the confidence of existing investors in the company’s technology and its vision as a whole. LaterPay makes buying and selling effortless for everyone. By trusting people and giving them choice, the platform establishes new direct transactional relationships, converting consumers into happy customers. LaterPay will continue to focus on empowering platforms with its technology and providing a set of tools for creators and content providers of all kinds to generate contributions in a user-centric way, leveraging the LaterPay methodology.
“We learned from article monetization, that consumers don’t want to spend three minutes registering and paying for an article that only takes 90 seconds to read - or worse one that scrapes and sells their data to subsidize the cost,” says Cosmin Ene, founder and CEO of LaterPay. “A better, more lucrative approach is to allow consumers to buy or contribute to digital content - whether its a video, podcast, article, playlist, or image - on their own terms with a seamless value exchange that doesn’t put the burden on the customer.”
The key to contributions and selling success for creators is to provide the value upfront (rather than offering promotional discounts or other enticements) and let the consumer accrue a balance before asking them to pay. Through the LaterPay platform, users can consume paid content and services on the internet with one or two clicks — without prior registration or having to pay in advance. It is only when the online tab’s $5 limit is reached that they are prompted to register and pay.
LaterPay owns patented technology for enabling micropayments for tipping and buying without upfront registration or upfront payments, facilitated by the “use now, pay later” approach. LaterPay aims to empower content providers to monetize the vast frontier that lives between ads and subscriptions. www.laterpay.net.