Graviti offers a buy-now-pay-later service that lets low-income, unbanked customers acquire energy-efficient appliances they otherwise could not afford upfront. The company installs internet-connected meters on appliances to monitor usage and to gradually limit functionality if customers fall behind on payments, rather than charging punitive late fees. It acquires customers, underwrites credit, connects them to local distributors who install the products, and pays distributors upfront. Graviti earns revenue through commissions charged to appliance distributors (including Whirlpool, Acros, Daewoo, and Mabe) and from interest on customer loans. The business reports a low overall loan default rate of 1.21% and currently employs 20 full-time and 6 part-time staff. Graviti has added washing machines, refrigerators, and stoves since launch and plans to expand to other Latin American countries.

Total raised

$3M

Funding rounds

1

Latest round

Equity

Latest activity

May 2021