FintechOS, BNPL, mortgage

FintechOS has enhanced its buy now, pay later (BNPL) feature, according to a company blog post Thursday (May 12).

The BNPL sector has experienced rapid growth as of late, and the company said the expansion of its BNPL solution allows merchants, checkout solution providers and lenders to team up on “closely integrated technology, data, and business workflow automation.”

FintechOS has long provided BNPL solutions for eCommerce brands in Europe, and will be offering it now to all clients. Established banks and lenders can work with the company to develop and roll out various embedded finance solutions to operate in the BNPL space.

BNPL allows consumers to buy items and pay them off in installments or similar arrangements.

PYMNTS wrote last year that FintechOS had raised $60 million in a Series B funding round, which the company planned to use to expand its position in Europe and the U.K.

See also: Low-Code Specialist FintechOS Raises $60 Million To Advance Digital Transformation

At the time, the company said it wanted to expand internationally and target financial institutions in Asia-Pacific, the Middle East, Africa and North America. In a press release, the company said it planned to establish new offices in the U.S., Dubai and Singapore, looking to increase its headcount by 40%.

FintechOS also said it would use the money to expand core system capabilities for banking and insurance. The goal was to make the low-code self-service proposition and artificial intelligence (AI) and machine learning (ML)-based personalization better.

In other BNPL news, PYMNTS recently reported that Splitit has joined the Visa Ready for BNPL program.

Read more: Splitit Joins Visa Ready for BNPL Program

Splitit said its work with the payments giant would allow it to offer customers more flexible payment options and transparency, control and budget management capabilities.

The Visa program includes other names such as Cybersource, Equinox, Everyware, FIS, Global Payments, i2c, Juspay Technologies, Marqeta, ONTAB, Peach Finance, Provenir, Quest Payment Systems, Skeps, Sutton Bank and Visa DPS.

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NEW PYMNTS DATA: THE TRUTH ABOUT BNPL AND STORE CARDS – APRIL 2022

About: Shoppers who have store cards use them for 87% of all eligible purchases — but this doesn’t mean retailers should boot buy now, pay later (BNPL) options from checkout. The Truth About BNPL And Store Cards, a PYMNTS and PayPal collaboration, surveys 2,161 consumers to find out why providing both BNPL and store cards are key to helping merchants maximize conversion.

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