SALT LAKE CITY, Mar. 19, 2024 – 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.
For more information on the post-purchase BNPL offering, visit docs.galileo-ft.com/pro/docs/about-galileo-buy-now-pay-later-post-purchase.
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