A new payment platform, which allows consumers to split payments across multiple debit and credit cards, has announced that it has raised $5.5 million to help it launch. Among the investors in the platform are Odell Beckham, Jr., and actress Robin Wright, according to a published report.
The platform, called Kasheesh, allows consumers to split payments for online purchases across multiple combinations of debit, credit, and gift cards, without any additional costs or interest. When using the platform to make a payment, consumers are given one-time virtual cards that are used when entering payment information. Kasheesh is seen as an alternative to consumers using Buy Now, Pay Later services or taking out additional credit to make purchases on one card. This means consumers do not have to worry about inquiries on their credit reports, or checking credit scores before approving a purchase. The platform even uses artificial intelligence to tell consumers which combination of cards is best to use for each purchase.
“Most people are used to paying for something with one form of payment, be it one card or BNPL alternatives,” said Sam Miller, the co-founder and chief executive of Kasheesh. “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. Kasheesh leverages existing spending power, not added debt. We maximize rewards versus maxing out cards.”
To date, Kasheesh has been used to facilitate $11 million in user transactions and purchases, according to the company.