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FinTech equipifi has raised $12 million in a Series A funding round to continue rolling out its white-label buy now, pay later (BNPL) service to banks and credit unions (CUs), the company announced in a Monday (May 23) press release.
Scottsdale, Arizona-based equipifi already has entered into multiyear contracts to provide the service for seven financial institutions (FIs), the release stated. The firms were not disclosed. The service relies upon the FIs’ existing data and online banking platforms.
“Consumers rely on their primary financial institution to know them and their financial goals,” equipifi Co-Founder and CEO Bryce Deeney said in the release. “That’s why even as BNPL has been seeing rapid adoption through third-party lenders, the majority of consumers still look to their trusted financial institutions for a better option. equipifi powers banks and credit unions to take their customers shopping, providing a single place to view, accept and manage their BNPL plans on their existing online banking app.”
The investment was led by credit union (CU)-focused venture group Curql Collective through Curql Fund and PHX Ventures, according to the release.
“BNPL solutions are providing credit unions with a unique opportunity to retain their membership 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 release stated.
equipifi announced its launch and the completion of a $3 million seed round in November.
At the time, the company said its “solution fully automates the 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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