Galileo Financial Technologies, a financial technology company owned and operated independently by SoFi Technologies, has introduced its Galileo Buy Now, Pay Later (BNPL) offering
Galileo Expands Buy Now, Pay Later Offering. (Credit: Towfiqu barbhuiya on Unsplash)
Galileo Financial Technologies, LLC, a leading financial technology company owned and operated independently by SoFi Technologies, Inc. (NASDAQ: SOFI), announced today that its Galileo Buy Now, Pay Later (BNPL) offering is now available for lenders to offer it as a service for their small business clients (SMBs).1 In partnership with Mastercard, banks and fintechs working with Galileo can seamlessly and securely offer installment financing options to small businesses via Mastercard Installments, providing them with more flexibility to make larger purchases and manage their cash flow.
Available financing options for SMBs are complicated, application processes are slow and funding levels are inadequate. Research from Mastercard found that keeping up with rising costs (47%) is the top concern of small business owners as they adapt to new realities, and over eight in 10 small business owners said they are looking for faster and easier access to capital (Mastercard, 2022).
Banks continue to be uniquely positioned to build clients’ trust by using the data they already have to provide SMBs with timelier and more responsible BNPL offers. With Galileo Buy Now, Pay Later for B2B, the lending partner likely considers the small business’ financial health and ability for repayment and can customize the total number of installment payments for purchase-based financing. With the Galileo loan management platform clients can oversee the repayment schedule, disbursement to the virtual cards running on the Mastercard Installments program, assessment of interest and fees, payment processing, charge offs and optional credit reporting.
“Following our successful launch of Galileo Buy Now, Pay Later, which provides fintechs and financial institutions with a solution to offer their consumers flexible payment options, Galileo recognized the growing need to provide the same level of choice and transparency for B2B lenders whose small business customers need better access to credit,” said David Feuer, Chief Product Officer at Galileo.
Source: Company Press Release