U.S. fintech equipifi and a service organisation Synergent have formed a strategic partnership to enhance the ability of credit unions to offer Buy Now, Pay Later (BNPL) solutions directly within their digital banking platforms.
Equipifi, a fintech company providing Buy Now, Pay Later (BNPL) solutions to banks and credit unions, has partnered with Synergent, which works exclusively with credit unions, offering integrated solutions for core processing, marketing services, and payments, to enable these financial institutions to integrate flexible payment options into existing systems and position themselves as competitive players in the evolving payments landscape.
“The popularity of credit union BNPL programs is driven by members who prefer to access financial flexibility from an institution they know and trust. We’re excited to partner with Synergent to expand the access of credit union BNPL programs to US consumers, and to further assist financial institutions in providing top-of-wallet solutions to their members.”
Bryce Deeney, CEO and co-founder of equipifi
The two firms will help credit unions offer Buy Now, Pay Later (BNPL) solutions directly within their digital banking platforms so that their members may split their larger purchases into flexible instalment loans, leveraging equipifi’s white-label BNPL technology.
This way, credit unions, being the traditional financial institutions, can meet the growing consumer demand for BNPL options by delivering seamless and personalized payment flexibility specifically cherished by younger, tech-savvy demographics seeking modern financial solutions. By integrating this functionality into credit union debit card systems, members can access BNPL services directly from their trusted financial institutions, avoiding reliance on third-party providers.
Synergent will facilitate the adoption of these services by offering equipifi’s solutions as part of its product suite for the member institutions. The service organisation has been giving credit unions access to its Symitar core processing platform with integrated payments and marketing solutions for over twenty years now.
Equipifi uses customer data from banks to create personalised BNPL offers. The company has secured partnerships with multiple financial institutions through multi-year contracts. Over the past 12 months, equipifi claims to witness a 750% increase in the number of financial institutions live on its platform. The startup has also raised substantial funding, including $12 million in a Series A round in 2022 led by Curql Collective and PHX Ventures. Its latest funding was raised in January 2023 from a Grant round.
