SoFi Technologies, Inc. (NASDAQ: SOFI) shares dropped on revealing its Galileo Financial Technologies arm, a leading financial technology company, is expanding its Buy Now, Pay Later offering that allows banks and fintechs to offer cardholders new post-purchase installment payment options via their existing debit or credit card account.
In addition to its Galileo Buy Now, Pay Later (BNPL) pre-purchase offering, the new API-enabled BNPL post-purchase offering is built for banks and fintechs looking to seamlessly deliver their customers a more flexible financing opportunity. It supports repayment options for both existing debit and credit programs within established financial relationships.
BNPL is forecast to surpass 900 million global users by 2027, presenting a tremendous market opportunity for banks and fintechs.
“This new offering bridges the gap between cards and loans and allows banks and fintechs to establish and deepen customer relationships with innovative, flexible financing options for both credit and debit customers,” said Chief Product Officer David Feuer. “By expanding pay-over-time opportunities, post-purchase financing is ushering in a new era of responsible lending.”
“Enhancing the accessibility of payment options is a fundamental aspect of our commitment to promoting financial inclusion,” continued Feuer.
“With that in mind, one of the major perks of the post-purchase BNPL offering is that it works across all merchants where credit and debit cards are accepted today.”
SOFI shares lost 16 cents, or 2.3%, Tuesday to $6.92.
