One-Click Checkout is extending its timeline and Sleek is the latest startup to join a venture capital campaign that saw peers like Onit, Bolt, Checkout.com, Hourpass and Rapid collectively raise over $3 billion in funding. last 18 years. month.
Toronto-based Sleek, which was part of the Y Combinator Summer 2021 package, is developing a browser extension that will allow you to checkout and get a refund with one click.
He raised it in a round backed by a group of angel investors including YC, Hyde Park Venture Partners, Fiat Ventures, Goodwater Capital and Twitch co-founder Kevin Lin, Tribe Capital founder Arjun Seti, Forge co-founder Samvit Ramadurgam, and Kyle Daly. Raised $1.7 million. , member of the Chime founding team.
Adam McEchern founded the company in 2020 with his college roommates Danielle Baum and Palmer McCutcheon. Then he turned to the web browser and created Financial Rails for browsers that would work anywhere, not just in specialty stores.
“Life happens on the web, but nothing is consistent with it,” McEchern told gaming-updates. “Checkout offers inconsistent offers, which is why we create a one-click checkout that works for everyone, everywhere. In the near future, no one will fill out the form, and we want to change that.”
Here’s how it works: You install Sleek in your web browser (currently in the Chrome Web Store) and create your profile by adding your credit card. Then just shop online and when you’re ready to pay, you can pay with Sleek and get up to 25% cashback on your purchases in addition to shopping rewards.
The product is still in closed beta with thousands of people on the waiting list, and McAhern hopes to be a public Sleek company by the end of the year. While the company has yet to go public, it has monetized over 1,000 retailers since day one as it looks to expand its engineering team and win customers with new funding.
When a user checks out, Sleek makes money from its retail partners, keeping a small portion as revenue and passing the rest on to users as part of its offering. Some of the retailers already on the safe side include Walmart, Macy’s and Booking.com, and MacEarn estimates that a smooth cart can increase conversions, especially since over 70% of carts are typically discarded.
As previously mentioned, Sleek is part of a group of companies looking to explore the global self-service market, which is projected to grow from $3.5 billion by 2020 to $5.9 billion by 2026. And companies are working on new ways to expand their presence.
This week, Bolt and BigCommerce announced a partnership that will enable merchants of all sizes using the BigCommerce e-commerce platform to set up a Bolt one-click checkout in self-service mode in minutes.
Looking at the script, McAchern says people rely on embedding buttons on the site. However, Slick believes that embeds have distribution restrictions, which is why you don’t see them working on every site.
“Our extension is based on machine learning to navigate just like humans,” he said. “We are at the browser level, so when they download Sleek, it works anywhere and everywhere. It’s a real one-click payment experience.”