Financial institutions

equipifi closes $12 million to power BNPL tools for financial institutions

  • equipifi recently announced that it has raised $12 million in funding. These are the details.

equipifi — a fintech company providing banks and credit unions with a Buy Now, Pay Later (BNPL) white-label solution — announced a $12 million Series A funding round. And the investment, led by Curql Collective through Curql Fund and PHX Ventures, will enable equipifi to provide financial institutions with BNPL capabilities available through their existing debit cards and banking apps as consumer payment preferences evolve.

equipifi helps financial institutions use its existing data and digital banking platforms to extend BNPL offerings that are aligned with their clients’ financial goals. And as an added benefit, banks and credit unions can also leverage BNPL to expand existing revenue lines and open new ones. Since its launch in September 2021, equipifi has already partnered with seven financial institutions under multi-year contracts to integrate BNPL into their suite of solutions.

KEY QUOTES:

“Consumers rely on their primary financial institution to know them and their financial goals. This is why even though BNPL has been quickly adopted by third-party lenders, the majority of consumers are still turning to their trusted financial institutions for a better option. equipifi enables banks and credit unions to take their customers shopping, giving them a single place to view, accept and manage their BNPL plans on their existing online banking app.

— Bryce Deeney, co-founder and CEO of equipifi

“BNPL’s solutions offer credit unions a unique opportunity to retain their members and attract a younger population. The team at equipifi, with its foundations in credit unions and the banking ecosystem, not only understands our needs, but also understands how to serve and scale in our space, which makes their white label solutions particularly compelling.

— Nick Evens, President and CEO of Curql Collective

“Consumer shopping and payment expectations are changing, and it’s time for financial institutions to lead the way by offering BNPL solutions tailored to these needs. equipifi will be the next high-growth fintech SaaS company built in Arizona that is redefining retail financing and how banks and credit unions serve the next generation of consumers.

— Gregg Scoresby, Founder and Managing Partner of PHX Ventures