FinTech equipifi has raised $12 million in a Series A funding round to continue rolling out its buy now, pay later (BNPL) service to banks and credit unions (CUs), the company announced on Monday 23 may. Press release.
Equifi, based in Scottsdale, Arizona, has already entered into multi-year contracts to provide the service to seven financial institutions (FIs), the statement said. The companies were not disclosed. The service builds on existing FI data and online banking platforms.
“Consumers rely on their primary financial institution to know them and their financial goals,” co-founder and CEO of equifi Bryce Deney said in the press release. “That’s 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.
The investment was led by Curql Collective, a venture capital group focused on credit unions (CU), through Curql Fund and PHX Ventures, according to the statement.
“BNPL’s solutions offer credit unions a unique opportunity to retain members and attract a younger demographic,” Curql Collective President and CEO Nick Evans said in the release.
Existing investors in equipifi include SixThirty Ventures, Rise of the Rest, Newstack Ventures, SaaS Ventures, Baleon Capital and angel investors Hamid Shojaee and Jordan Wright, the statement said.
equip announcement its launch and the completion of a $3 million funding round in November.
At the time, the company said its “solution fully automates lending, marketing, messaging and user experience for banks while reducing friction for consumers who want to utilize the benefits of BNPL.”
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