Galileo Monetary Applied sciences is broadening its purchase now pay later (BNPL) companies by including a post-purchase credit score choice. Galileo is a part of SoFi (NASDAQ: SOFI), a diversified Fintech and digital financial institution. A pre-purchase choice is already obtainable.
This new API-enabled BNPL post-purchase providing is designed for banks and fintechs that need to add a extra versatile financing choice. It additionally helps compensation for each current debit and credit score packages.
David Feuer, Chief Product Officer at Galileo, described the post-pay choice as “ushering in a brand new period of accountable lending.”
“Enhancing the accessibility of fee choices is a basic facet of our dedication to selling monetary inclusion. With that in thoughts, one of many main perks of the post-purchase BNPL providing is that it really works throughout all retailers the place credit score and debit playing cards are accepted at the moment.”
BNPL has emerged as a well-liked credit score choice that competes with conventional bank cards, which regularly have larger charges whereas encouraging cardholders to roll over debt. Galileo notes that BNPL is forecasted to surpass 900 million international customers by 2027.
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