3 SNBL FinTechs offering debt-free saving plans to users in Europe

By Gloria Methri

Buy Now, Pay Later or BNPL is a type of payment option that enables customers to purchase items and pay for them later, with little to no interest charges. As digital payments progress, a new breed of start-ups has now turned the concept of BNPL on its head.

Dubbed “Save Now, Buy Later” or SNBL, these payment methods allow consumers to purchase high-value or luxury goods without falling into debt through credit card purchases or a bank loan.

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 SNBL FinTechs offering consumers a debt-free alternative to make high-value purchases

• Monkee

Monkee combines Personal Finance and Loyalty to help users save and retailers to connect with consumers in a relevant way. It assists its user base to build sustainable financial habits and responsible consumption patterns. Every purchase users make with Monkee’s retail partners leads to a “financial boost” in their savings. These cash contributions are funded through the commissions paid by the retail partners and offer the customers a chance to grow their savings faster than through interest rates offered by a conventional savings account.

• SparaPay

Spara provides a sustainable, credit-free alternative payment method to e-commerce stores, helping shoppers to save for purchasing their favourite luxury products. The UK-based FinTech company lets users save money through rewards when shopping for select brands. E-commerce stores benefit from increased revenue and loyalty, increased margins, and reduced expenditure on advertising and inventory.

• Savrr

Savrr is the new approach to sustainable growth in e-commerce. With its SNBL payment method, Savrr offers both consumers and merchants added value. Consumers are rewarded for saving on a product or brand, and merchants benefit from increased sales, longer-term customer retention, and increased share of wallet. The recently established German FinTech aims to positively influence consumer financial behaviour in times of increasing debts and short-term loans.