EML Payments and Fupay to launch BNPL-as-a-Service Product in Europe
By Megha Bhattacharya
EML Payments has announced a partnership with Fupay to take their combined technology to Europe to offer businesses a cutting-edge white-label BNPLaaS solution. Fupay’s millennial focussed money management platform uses Open Banking data to provide smart cash flow forecasting, actionable insights, responsible BNPL ‘smoothing’ and engaging spend benefits designed to help users make every penny count.
Michael Fredericks, Managing Director & Founder at Fupay, stated, ”When we started Fupay, we predicted the need to address the challenges faced by millennials meeting lifestyle costs, including a responsible millennial credit solution. We’ve focussed on addressing the solution rather than focussing on selling a thin BNPL product as quickly as possible. There’s a clear need for BNPL organisations to do more to ensure their customers can afford to repay credit extended to them and be more accountable for their customers’ financial safety. We’ve seen a growing appetite from customers and regulatory bodies to see real responsibility, and Fupay is championing this mature approach to trending payments tech alongside EML.”
The companies aim to offer features including low touch e-identity verification and affordability assessment, personalised and flexible payment options based on the user’s cash flow, real-time virtual card and payment options available in one app and AI-driven data insights with high impact visualisation options to help make money management easy for consumers.
Sarah Bowles, Group Chief Product Officer at EML, commented, ”EML’s thrilled to expand our connection with Fupay beyond Australia into a true growth collaboration. Our exciting new venture brings together EML’s virtual card, A2A payments, the newest Open Banking products and Fupay’s best-in-class cash flow and millennial credit product to create a market-leading white-label offering. We’re impressed with Fupay’s groundbreaking platform and see the absolute need for this type of solution to enable merchants and enterprises to deliver an exceptional user experience without needing to become payment experts.”
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May 26, 2023
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