Free digital platform allows anyone to split payment for online purchases across multiple credit, debit and gift cards, in any way they want, reducing interest rate burden
NEW YORK, June 23, 2022--(BUSINESS WIRE)--Today a new era for online payments debuts. Kasheesh, a first-to-market digital payment platform, allows anyone to split payment for online purchases across multiple combinations of debit and credit cards in any way they want, without added cost or interest hikes. As part of its launch, Kasheesh has also announced it has raised $5.5 million USD from institutional and celebrity investors, including Tribe Capital, Anthemis, Courtside Ventures and notable individuals including Super Bowl LVI-winning wide receiver Odell Beckham Jr, athlete turned investor Sahil Bloom and award-winning actor Robin Wright.
Consumer financing as a whole hasn’t been personalized since the advent of eCommerce. The best value from credit cards is often gatekept by financial institutions that want only high value customers and those with high credit/FICO scores. Consumers with low FICO scores or limited spending power are often excluded and hit the hardest with negative restrictions (i.e. impact on credit score) on what they can buy and what rewards they get for using specific cards. Kasheesh believes consumers should have tailored financing options on purchases versus being forced to select just one source of available funds.
Kasheesh’s free, web-based browser extension helps U.S.-based consumers across three main areas of online spending: reduced cost burden on individual cards per purchase, assisting in sustainably building credit scores and card rewards by utilizing any combination of cards versus just one, and maximizing financial privacy through Kasheesh’s unique auto-generation of a new encrypted card number to use per purchase.
"Most people are used to paying for something with one form of payment, be it one card or BNPL alternatives. There’s a significant cost burden, risk, and little to no personalization when you’re forced to put an entire payment onto one card, especially when that card is frequently used for multiple purchases," said Sam Miller, co-founder and CEO of Kasheesh. "Kasheesh leverages existing spending power, not added debt. We maximize rewards versus maxing out cards."
Since its closed launch, Kasheesh has brokered over $11 million in user transactions and purchases. Kasheesh doesn’t underwrite loans and instead consolidates spending power to help their users avoid maxing out their cards. Since Kasheesh is not a financial institution or a loan provider, usage isn’t contingent upon providing credit scores or users worrying about their financial information being used for marketing purposes elsewhere. The Kasheesh platform takes what each customer already has available (via their credit and debit card limits) to be able to spread the burden of payment without needing to add more debt to their payment.
Show Me the Money
Kasheesh auto-generates a unique banking "card" number pulled from debit and credit cards of a user’s choosing in order to split the cost of online purchases. Its many benefits include:
One portal for all your cards: Users can download the browser extension and utilize it the same way payments and reward-based shopping platforms are used. Once installed, users can upload the details of their debit and credit cards of choosing, up to 10 cards.
The combination of cards YOU choose: Kasheesh allows users to upload any combination of up to 10 cards of debit, credit and gift cards and its proprietary AI helps suggest the best combination of cards to use per purchase.
Security: Kasheesh has partnered with Stripe and Plaid to verify each user’s proof of identity and funds for security purposes. All customer information stays confidential in this process.
Unique, encrypted digital number per purchase: In the age of digital credit card theft, Kasheesh maximizes shopping privacy by auto-generating a new and unique card number that is fully encrypted and untraceable per purchase so the user’s financial information stays secure. Funds are securely pulled from the debit or credit card (or a combination of) that shoppers want to use for payment.
Smart reward utilization: Kasheesh’s AI will automatically select from uploaded cards for payment that offer the best rewards based on the purchase. The generated card details are unique per purchase and work across any online ecommerce platform that accepts Mastercard.
Identity confirmation on YOUR name, not a bank’s: We look at every user as the same. We base our identity confirmation on SSN and not KYC regulation (since we aren’t a bank), meaning if a person has gotten married or if a transgender person wants uses their chosen name, there aren’t issues with dead-naming or having to change each subsequent card.
"There are no online payment platforms that allow U.S. shoppers to split their payments, no less ones that allow consumers to avoid incurring further debt," said Sahil Bloom, Managing Partner of SRB Ventures. "I appreciated the way that Kasheesh unlocks consumers to pay for things using the credit they already have in the most efficient manner, and the future opportunity to allow consumers to optimize their spend across various rewards points and perks."
Kasheesh is currently only available in the U.S. For more information and to sign up, please visit https://www.kasheesh.co/ and follow us on social media: Instagram: @kasheesh.pay, Twitter: @kasheeshpay and on LinkedIn.
Kasheesh represents a new era for payments. Kasheesh is a first-to-market digital payment platform that allows anyone to split payment for online purchases across multiple debit and credit cards in any way they want, for free. We believe any shopper regardless of income and credit score should be able to consolidate spending power across their spending cards in order to optimize rewards and build credit with real-time transactional intelligence. More importantly, we believe unlocking the full potential of debit and credit cards will help consumers everywhere make more responsible spending decisions powered by analytics.
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Chris Prouty, Chatter Republic for Kasheesh