Magic Analysis: $4M Raised
What is Magic?
Magic is a checkout platform that helps consumers save money by eliminating credit card fees and offering store credit as rewards.
Employees
10
Founded
2022
Revenue
$97.9M
Product Features & Capabilities
- Link your bank, Pay with Magic, Earn Rewards, Earn up to 20% store credit, Secure linking using Plaid, One-click checkout, No fees, Fraud protection, Free rewards program, Instant credit after purchases, Simple sign-up process.
Pricing
- 0.65% charged on every transaction processed via Magic Checkout as added pricing.
- Standard payment gateway pricing applies on the underlying payment.
How much Magic raised
1 - $4M
May 29, 2020Lead Investor: Placeholder, Lightspeed Venture Partners, and 9 more.
Who are the founders of Magic
CK
Chetan Kulhari
Founder
RM
Renasha Mishra
Founder
Market Focus
Magic primarily focuses on the e-commerce and fintech industries, providing a checkout platform that helps consumers save money while shopping by eliminating credit card fees and offering store credit as rewards.
Business Model
Business model eliminates credit card fees; revenue from store credit rewards.
Investors
- PayPal Ventures (lead investor)
- Cherubic
- Synchrony
- KX
- Northzone
- Volt Capital
Competitors Overview
The main competitors of Magic in the checkout platform market include:
- Shopflo:
- Features: Offers a super-fast checkout process, reducing cart abandonment. It integrates quickly with platforms like Shopify and allows customers to save their payment information for future purchases.
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