George Town, Cayman Islands–(Vehement Media – March 26, 2022) – LUCA Plus, an invoicing and bookkeeping software company, has announced the launch of a “Buy Now, Pay Later” service named LUCA Pay, powered by blockchain startup Abachi Labs.
Founded in 2018, LUCA Plus currently provides its core e-invoicing services to over 1,200 Australian businesses. Most of these businesses use LUCA Plus through the company’s integrations with major accounting software providers like Xero, Quickbooks and Myob. LUCA Plus’ partnership with Abachi marks a pivotal advancement in leveraging blockchain-based technology to serve real world business needs.
“Buy now, pay later has seen phenomenal growth in the consumer segment, and we believe that businesses deserve the same payment flexibility in order to unlock growth and respond to changing demands,” says LUCA Plus CEO, Ray Wang. Wang added, “We were impressed by the incredible work that Abachi is doing to bring new liquidity streams to fintech companies like ours, secured and automated through the blockchain. LUCA Plus is excited to work together with Abachi on this innovative LUCA Pay program.”
LUCA Plus has received an immensely positive response from their customers. The pilot program waitlist is already oversubscribed and both Abachi and LUCA Plus are confident this will only grow. The program will be opened to public in the second week of April if the pilot goes well. The goal is to increase lending from 500k to 10 million in one year.
Abachi and LUCA Plus also plan to work on and phase out other pieces in the lending lifecycle to make transactions cheaper and much more efficient. This includes a move away from the KYC services currently provided by Stripe to multiple providers.
The use case for a business-facing Buy Now, Pay Later (BNPL) service is simple. It’s a common standard for businesses to offer clients several months to pay back invoices. However, this practice can become frustrating when these businesses need capital for time-sensitive purposes such as securing discounted inventory or running seasonal promotions. Through the LUCA Pay BNPL offering, qualified businesses can receive instant invoice payments powered by blockchain lenders. Invoice funds are received within seconds, no matter the invoice amount. The fund lenders are paid back by the business’ clients either 30 days or 90 days later.
Abachi is a blockchain project team organized around the belief that decentralized finance (DeFi) is destined to converge with the traditional finance system, not just replace it. This BNPL solution is the first technology solution to emerge from Abachi Labs, the product development arm of Abachi DAO. Abachi Labs is building the infrastructure to connect the DeFi ecosystem to traditional finance institutions and real world businesses. The next solution to launch from Abachi Labs is a multi-chain wallet managed via an SDK, coming late Spring 2022. This wallet will allow users to move assets between multiple blockchains seamlessly.
Learn more about LUCA Plus on their blog, or by visiting LUCAPlus.com.
Learn more about Abachi on Medium or by visiting abachi.io. Track Abachi’s native token, ABI, on CoinGecko and CoinMarketCap. Buy ABI on Matcha.
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