Galileo Financial Technologies has announced an expansion of its Buy Now, Pay Later offering that allows banks and fintechs to offer cardholders new post-purchase instalment 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 deliver their customers a more flexible financing opportunity.
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It supports repayment options for both existing debit and credit programs within established financial relationships. The growth of BNPL users presents a market opportunity for banks and fintechs.
BNPL is forecasted to surpass 900 million global users by 2027
David Feuer, Chief Product Officer at Galileo, said: “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. By expanding pay over time opportunities, post-purchase financing is ushering in a new era of responsible lending.”
“Enhancing the accessibility of payment options is a fundamental aspect of our commitment to promoting financial inclusion. 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.”
Galileo is a financial technology company owned and operated independently by SoFi Technologies. The company enables fintechs, financial institutions, and emerging and established brands to build differentiated financial solutions that deliver customer-centric experiences. Through modern, open APIs, Galileo’s flexible, secure, scalable and fully integrated platform drives improvements across payments and financial services.
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By GlobalDataPreviously this year Galileo expanded its partnership with The Bancorp. The Clearing House, Galileo and The Bancorp use real-time payments to deliver instant money movement between bank accounts. This enables fintechs and brands to solve the longstanding cash flow challenges faced by small businesses (SMBs) and consumers looking to get fast access to their funds.
