Galileo Launches BNPL Solution for Banks and Fintechs

Galileo Financial Technologies, LLC, a leading financial technology company owned and operated independently by SoFi Technologies, Inc., announced a buy now, pay later (BNPL) solution with issuance of single-use virtual cards and complete loan servicing.

With Galileo, fintechs and banks that provide Buy Now, Pay Later to their consumers will be offered financing through their bank or a sponsoring bank partner that considers the consumers' financial health and ability for repayment. A real-time personalized offer is displayed in the bank's or fintech's mobile application. If the consumer accepts the loan offer, a prefunded, single-use virtual card will be added to their mobile wallet and presented in-store or online at most retailers.

"As more Americans are looking for flexible financing solutions, Galileo created a better BNPL experience that allows banks and fintechs to make more valuable loan offers to their customers directly from their existing bank systems," said David Feuer, Chief Product Officer at Galileo. "For our clients who are already part of the Galileo ecosystem with checking and savings accounts, offering Buy Now, Pay Later makes it even more seamless for program managers to execute both payments and disbursements."

Source: Finextra