3 Save Now Buy Later FinTechs offering debt-free saving plans in Europe

By Gloria Methri

Save Now Buy Later or SNBL services are gaining traction as they provide a debt-free way ,for consumers to purchase high-value items by saving up over time, often with incentives or bonuses provided by the retailers. This model is particularly attractive for consumers who er to avoid credit checks and the potential risks associated with taking on debt.

SNBL involves setting aside money on a regular basis to build up savings, which can then be used to make a purchase at a later date. This approach is based on the principle of delayed gratification, where an individual sacrifices immediate pleasure to achieve a larger goal or benefit in the future.

Here are three Save Now Buy Later FinTechs offering consumers a debt-free alternative to make high-value purchases:

• Accrue Savings

Unlike traditional Buy Now, Pay Later (BNPL) services, Accrue Savings focuses on encouraging users to save up for their desired products and services over time. The idea is to promote responsible financial behaviour by encouraging savings instead of accumulating debt.​ It allows shoppers to choose the item they want to save for, either through a retailer’s website or Accrue’s platform. Once the savings goal is met, the user can make the purchase using the saved funds. If the user decides not to complete the purchase, they can withdraw their savings, but any retailer-contributed rewards are forfeited.

• HyperJar

B2C digital wallet HyperJar is a spending super-app: an effective, visually engaging account with a prepaid debit card that helps people to spend well. The HyperJar prepaid card and app come with Save Now Buy Later features that help you to build a savings habit and buy the things you want. With its Jars feature, you can allocate savings to jars for specific spending categories, merchants, or savings goals.

• Zalando

In Germany, Zalando has partnered with Savrr to offer an SNBL service. This allows customers to set savings goals and put money aside monthly towards their purchases. Once the savings goal is met, they receive their savings along with a bonus for use on Zalando.de. Customers can also withdraw their money if they decide not to make the purchase.