Galileo, Mastercard partner to expand BNPL offering for small businesses

By Delisha Fernandes

Galileo Financial Technologies, a financial technology company owned and operated by SoFi Technologies, has announced that its Galileo Buy Now, Pay Later (BNPL) offering is now available for lenders to offer it as a service for their small business clients (SMBs).

In partnership with Mastercard, banks and FinTechs working with Galileo can seamlessly and securely offer installment financing options to small businesses via Mastercard Installments, providing them with more flexibility to make larger purchases and manage their cash flow.

“Following our successful launch of Galileo Buy Now, Pay Later, which provides FinTechs and financial institutions with a solution to offer their consumers flexible payment options, Galileo recognized the growing need to provide the same level of choice and transparency for B2B lenders whose small business customers need better access to credit,” said David Feuer, Chief Product Officer at Galileo. “Leveraging the power of the Mastercard Installments program, we extended our platform to give small business owners the opportunity to do more with their money through increased access to funds.”

With Galileo Buy Now, Pay Later for B2B, the lending partner likely considers the small business’ financial health and ability for repayment and can customize the total number of installment payments for purchase-based financing. With the Galileo loan management platform clients can oversee the repayment schedule, disbursement to the virtual cards running on the Mastercard Installments program, assessment of interest and fees, payment processing, charge offs and optional credit reporting.

Mastercard Installments brings immediate acceptance so that small businesses can access their installment loan through a digital virtual card for critical purchases and investments–both in store and online–such as capital improvements, repairs, or inventory. Millions of Mastercard merchants of all sizes accept these payments to offer more options.

“Our goal is to provide small business owners with solutions and resources to help their businesses grow and thrive,” said Ginger Siegel, North America Small Business Lead at Mastercard. “We are thrilled to expand our partnership with Galileo to now support this critical segment with credit options and payment flexibility through qualified lenders.”