equipifi anticipating 740% growth in financial institutions leveraging its BNPL platform year-over-year heading into the biggest shopping season of the year
equipifi, the leading provider of Buy Now, Pay Later (BNPL) solutions for banks and credit unions, reported record-breaking growth in bank-led BNPL adoption and loan activity prior to the holiday season.
equipifi provides a white label, debit card and checking account based BNPL SaaS that enables financial institutions to offer pre-qualified installment loans within their digital banking experience. According to Bryce Deeney, equipifi’s co-founder and CEO, the BNPL platform saw more consumers accept offers from their financial institutions in the third quarter of this year than the first two quarters combined. Bryce states that he is anticipating this growth in loan volume to continue into the fourth quarter with holiday shopping.
Last year, US shoppers spent over $16.6B online using BNPL plans for their holiday purchases. The majority of this loan volume was captured by third-party BNPL providers. Over the past 12 months, equipifi has seen a 750% increase in the number of financial institutions live on its platform as banks and credit unions across the country prioritize making this preferred payment option available to their account holders. The company has also experienced a 3,300% increase in active users on its platform as consumers embrace financial flexibility from their financial institutions.
Read More : Navigating the Future: Key IT Trends in Financial Services
“As the biggest shopping season of the year, the holidays are when financial institutions risk losing the most engagement and loan volume to third-party BNPL providers,” Bryce explained. “Consumers need flexible financing options from a provider they can trust. That means financial institutions must provide a competitive BNPL program for the holidays to meet their needs.”
“At a time when consumers increasingly value flexibility, equipifi’s BNPL platform gives financial institutions a timely way to meet those expectations,” said Nick Evens, President & CEO at Curql Collective. “Strong adoption rates prove equipifi has hit the sweet spot in giving credit unions a way to engage members with flexible payment options that keep them competitive and member-focused.”
Since 2022, financial institutions in over 28 states have partnered with equipifi to launch their own BNPL programs. In the last year, equipifi has added Pay-in-4 and Plan Your Purchase capabilities to its platform.
Read More : Global Fintech Series Interview with Tanya Thomas, EVP for EMEA, Q4
[To share your insights with us, please write to psen@itechseries.com ]
