equipifi raises $12m to power financial institutions with Buy Now Pay Later
By Joy Dumasia
equipifi, a FinTech company providing banks and credit unions with a white label Buy Now, Pay Later (BNPL) solution, completed a $12 million Series A funding round. The investment, led by Curql Collective via Curql Fund and PHX Ventures, will enable equipifi to provide financial institutions with BNPL capabilities available through their existing debit cards and banking app as consumer payment preferences evolve.
equipifi helps financial institutions use their existing data and digital banking platforms to extend BNPL offers that are in alignment with their customers’ financial goals. As an added benefit, banks and credit unions can also leverage BNPL to grow existing revenue lines and open new ones. Since its launch in September 2021, equipifi has already partnered with seven financial institutions through multi-year contracts to bring BNPL to their solution suite.
Bryce Deeney, Co-Founder and CEO of equipifi, said: “Consumers rely on their primary financial institution to know them and their financial goals. That’s why even as BNPL has been seeing rapid adoption through third-party lenders, the majority of consumers still look to their trusted financial institutions for a better option. equipifi powers banks and credit unions to take their customers shopping, providing a single place to view, accept, and manage their BNPL plans on their existing online banking app.”
Nick Evens, President & CEO of Curql Collective, said: “BNPL solutions are providing credit unions with a unique opportunity to retain their membership and attract a younger demographic. equipifi’s team, with their foundation in credit unions and the banking ecosystem, not only understands our needs but also how to service and scale in our space, making their white label solutions particularly exciting.”
According to a report from Worldpay, BNPL accounted for $97 billion of global eCommerce transactions in 2020 and is expected to double to 4.2% by 2024. eMarketer also notes that the number of US BNPL users will soar from 1.6 million in 2018 to 59.3 million in 2022, driven by innovations in credit access and purchase flexibility.
Gregg Scoresby, founder and managing partner of PHX Ventures, said: “Consumer expectations for purchase and payments are evolving, and it’s time for financial institutions to lead the way in providing BNPL solutions that are tailored to these needs. equipifi will be the next high-growth FinTech SaaS company built in Arizona that redefines retail financing and the way that banks and credit unions serve the next generation of consumers.”
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