New BNPL offering helps banks, fintechs give consumers greater financial flexibility
SALT LAKE CITY–(BUSINESS WIRE)–Galileo Financial Technologies, a leading financial technology company owned by SoFi Technologies, Inc. (NASDAQ: SOFI), announced today an expansion of its Buy Now, Pay Later offering that allows banks and fintechs to offer cardholders new post-purchase installment payment options via their existing debit or credit card account.
In addition to its Galileo Buy Now, Pay Later (BNPL) pre-purchase offering, the new API-enabled BNPL post-purchase offering is built for banks and fintechs looking to seamlessly deliver their customers a more flexible financing opportunity. It supports repayment options for both existing debit and credit programs within established financial relationships.
BNPL is forecasted to surpass 900 million global users by 2027, presenting a tremendous market opportunity for banks and fintechs.
“This new offering bridges the gap between cards and loans and allows banks and fintechs to establish and deepen customer relationships with innovative, flexible financing options for both credit and debit customers,” said David Feuer, Chief Product Officer at Galileo. “By expanding pay over time opportunities, post-purchase financing is ushering in a new era of responsible lending.”
Post-purchase BNPL has key benefits for banks, fintechs and their customers:
- Market differentiation: FIs and fintechs can add value to their debit and credit programs with a flexible, transparent financing model.
- Entry point into lending: Galileo’s post-purchase BNPL service provides a streamlined path for fintechs that are currently only in the deposit space to enter the lending space.
- Drives incremental revenue: FIs and fintechs can tap into additional revenue through installment fees.
- Financial access: Post-purchase BNPL financing previously exclusive to credit accounts can be extended to debit accounts.
- Transparent payment terms: Unlike with traditional credit card interest, post-purchase BNPL with installment fees gives consumers the benefit of seeing the total cost associated with each purchase before committing.
- Flexible financing: Post-purchase BNPL transforms conventional debit into a dynamic financial tool, offering the flexibility to responsibly and efficiently manage money.
“Enhancing the accessibility of payment options is a fundamental aspect of our commitment to promoting financial inclusion,” continued Feuer. “With that in mind, one of the major perks of the post-purchase BNPL offering is that it works across all merchants where credit and debit cards are accepted today.”
For more information on the post-purchase BNPL offering, visit docs.galileo-ft.com/pro/docs/about-galileo-buy-now-pay-later-post-purchase.
About Galileo Financial Technologies
Galileo Financial Technologies, LLC and certain of its affiliates collectively comprise a financial technology company owned and operated independently by SoFi Technologies, Inc. (NASDAQ: SOFI) that enables fintechs, financial institutions, and emerging and established brands to build differentiated financial solutions that deliver exceptional, customer-centric experiences. Through modern, open APIs, Galileo’s flexible, secure, scalable and fully integrated platform drives innovation across payments and financial services. Trusted by digital banking heavyweights, early-stage innovators and enterprise clients alike, Galileo supports issuing physical and virtual payment cards, mobile push provisioning, tailored and differentiated financial products and more, across industries and geographies.
©2024 Galileo Financial Technologies, LLC. All rights reserved.
Galileo Financial Technologies, LLC is a technology company, not a bank. Galileo partners with many issuing banks to provide banking services in North and South America.
Contacts
Katie Boyless
The Fletcher Group
404.791.8245
[email protected]
