Arizona-based buy now, pay later (BNPL) company equipifi has raised $3m from a seed funding round led by New Stack Ventures.
Also participating in the round were the Rise of the Rest Seed Fund, PHX Ventures, SaaS Ventures and a number of strategic angel investors. Baleon Capital headed a subsequent seed round with participation from SixThirty.
Equipifi provides white-labelled integrations for banks and credit unions to offer BNPL services for their members.
Banks and credit unions are able to send a BNPL offer through a push notification of text message when an eligible customer makes a purchase with their debit card. If the offer is accepted, the original purchase amount is deposited back into a customer’s checking account. Through this, a new plan is created on the banking core and is available for the customer to view and manage through their existing online banking portal.
According to equipifi, it intends to use the seed funding to expand product capabilities, recruit top talent, accelerate its go-to-market strategy and enhance partnerships with banks and credit unions.
The UK Treasury recently unveiled a consultation on the policy options for the BNPL sector as potentially firmer regulation on the market comes into sight.
Copyright © 2021 FinTech Global
