equipifi secures USD 12 mln to equip FIs with Buy Now, Pay Later

Tuesday 24 May 2022 11:04 CET | News

US-based fintech equipifi has secured USD 12 million to provide financial institutions (FIs) with BNPL capabilities through their debit cards and banking apps.

equipifi helps financial institutions use their existing data and digital banking platforms to extend BNPL offers that are in alignment with their customers’ financial goals. As a feature, banks and credit unions can also leverage BNPL to grow existing revenue lines and open new ones.

Company officials stated that consumers rely on their primary financial institution to know them and their financial goals. That’s why BNPL has been seeing adoption through third-party lenders. The majority of consumers still look to their trusted financial institutions for a better option. equipifi enables banks and credit unions to take their customers shopping, providing a single place to view, accept, and manage their BNPL plans on their existing online banking app.

According to a report from Worldpay, BNPL accounted for USD 97 billion of global ecommerce transactions in 2020 and is expected to double to 4.2% by 2024. eMarketer also notes that the number of US BNPL users will soar from 1.6 million in 2018 to 59.3 million in 2022, driven by innovations in credit access and purchase flexibility.

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Keywords: BNPL, funding, ecommerce, online shopping, debit card, digital banking
Categories: Payments & Commerce
Companies: equipifi
Countries: World
This article is part of category

Payments & Commerce


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