2 weeks Ago By [email protected] (MENAFN)
( MENAFN - PR Newswire) equipifi anticipating 740% growth in financial institutions leveraging its BNPL platform year-over-year heading into the biggest shopping season of the year SCOTTSDALE, Ariz., Oct. 29, 2024 /PRNewswire/ -- 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.
equipifi saw more consumers accept offers from their FIs in Q3 of 2024 than in the first two quarters combined. 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.
"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. About equipifi equipifi is the leading Buy Now, Pay Later (BNPL) platform for debit card issuers in the United States. This is a white label solution designed to align with consumer purchase habits, payment preferences, and financial goals.
The equipifi platform seamlessly integrates with leading banking cores and digital banking platforms to deepen cardholder engagement, grow market share, increase revenue, and provide a single place to view, accept, and manage BNPL plans on their existing banking app. For more information, please visit . About Curql Collective Curql Collective is a collaborative ecosystem built by credit unions, for credit unions, where innovation meets purpose.
With the backing of over 120 progressive credit unions, Curql invests in and accelerates the development of fintech solutions that empower credit unions to better serve their members and stay competitive in a rapidly changing financial landscape. Through Curql Fund I, Curql Fund II, and Curql Accelerate, Curql has partnered with over 40 fintech companies to bring transformative technologies directly to the credit union movement. Together, Curql is creating opportunities for growth, enhancing member experiences, and driving meaningful change across the industry.
For more information, please visit . SOURCE equipifi MENAFN29102024003732001241ID1108830934 Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article.
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