The company is bringing Credit Builder and Pay Later to its 6.5 million customers to improve its customers’ credit. With Credit Builder, customers can automatically improve their credit score when they use their Paysend card linked to their Credit Builder account.

Paysend then updates UK credit reference agencies Experian, Equifax, and TransUnion, on all payments that go through the Credit Builder account. According to the company, this should be especially helpful for those with little to no credit history. 

Paysend staff explained that some customers might need a ‘financial buffer’, and that the new Buy Now, Pay Later type product provides a convenient way to pay directly through a Paysend account while providing more flexibility and control. Pay Later gives users who are eligible based on the company’s own credit scoring system GBP 100 online or in store with their Paysend card, anywhere that Mastercard is accepted.

Customers will not be charged interest on this money or need to carry out an external credit check that could potentially harm their credit score. In another effort to help customers improve their financial health, if Pay Later users make their payments on time every two weeks, they can also improve their credit scores, AltFi concludes.