US-based fintech startup equipifi has raised $12m in a Series A funding round led by Curql Collective via Curql Fund and PHX Ventures.
equipifi offers a software-as-a-service (SaaS) solution to enable banks and credit unions to provide white label buy-now-pay-later (BNPL) services.
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The fintech will use the proceeds to expand its offering to financial institutions by enabling BNPL via their existing debit cards and banking app.
Using equipifi, financial institutions can leverage existing data and digital platforms to offer BNPL as per customers’ requirements, the fintech said.
Additionally, the SaaS allows banks and credit unions to tap BNPL to grow and open new streams of revenue, it added.
Founded in 2021, equipifi is said to have formed partnerships with seven financial institutions to enable BNPL for them.
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By GlobalDataequipifi co-founder and CEO Bryce Deeney 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.”
Curql Collective president & CEO Nick Evens 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.”
