Greek used cars dealership platform Spotawheel is teaming up with Sofia-HQ TBI Bank, the largest provider of Buy Now Pay Later (BNPL) solution, to help customers from Romania and Greece with car purchasing.
The partnership will also give customers the opportunity to pay for their cars in installments through the BNLP solution, helping them to better manage their finances.
TBI’s solution is the first one that enables car buyers in Romania and Greece to purchase automobiles in a digital way, adding flexibility to their payment and giving the opportunity to consumers to spread the installments over a period of time of their choice and to obtain their own means of transport.
According to Kostantinos Tovil, market leader at TBI Bank for Greece, one of the company’s main goals is to facilitate access to products and services for young people through BNPL.
“We want to create a marketplace, an e-commerce platform, where you can see a lot of cars and have all the options that will cover all your needs, like financial plans,” Spotawheel’s founder and CEO Charis Arvanitis told The Recursive in a recent interview.
How does the partnership work?
Customers can visit the website of Spotawheel, browse until they find the vehicle that meets their needs and calculate the installment of the payment plan easily and quickly depending on the time horizon and the price of the vehicle.
TBI Bank network already counts more than 15,000 merchants in various fields, among which auto and moto dealers, electronics, medical services, furniture stores and many online stores.
Launched in 2016, Spotawheel’s mission is to simplify transactions on the market for used cars with one platform that offers all the solutions that its users need. The company is currently present in Greece, Poland, Germany, and Romania.
Two months ago, the Greek company raised a Series B of €100M in an equity round led by local VentureFriends, with Austrian UNIQA Ventures, Czech-based Rockaway Ventures, and Greek Velocity Partners joining the round.