Galileo Expands Buy Now, Pay Later Lender Offering to Help Lenders Reach Small Businesses, Leveraging the Mastercard Network
October 05 2023 - 7:30AM
Business Wire
Banks and fintechs working with Galileo can now
provide responsible, intelligent installment financing options for
SMBs seeking more flexibility for big purchases
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).* 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. “Leveraging the power of the Mastercard Installments
program, we extended our platform to give small business owners the
opportunity to do more with their money through increased access to
funds.”
Mastercard Installments brings immediate acceptance so that
small businesses can access their installment loan through a
digital virtual card for critical purchases and investments–both in
store and online–such as capital improvements, repairs, or
inventory. Millions of Mastercard merchants of all sizes accept
these payments today to offer more options. They are paid in full
and can benefit from faster receivables and higher ticket sales.
These transactions are all backed by the security and transparency
of the Mastercard network, including dispute resolution and Zero
Liability protection.
“Our goal is to provide small business owners with solutions and
resources to help their businesses grow and thrive,” said Ginger
Siegel, North America Small Business Lead at Mastercard. “We are
thrilled to expand our partnership with Galileo to now support this
critical segment with credit options and payment flexibility
through qualified lenders. It offers them peace of mind to pay back
their loans over time, freeing them up to focus on what matters:
scaling and optimizing their operations.”
For more information about driving profitable growth through
Galileo Buy Now, Pay Later for businesses, visit
www.galileo-ft.com/products/credit-and-lending/.
*Programs with over four installments or whose customers are
incorporated entities may be subject to additional lending
regulations and consumer protections, including Regulation Z and
state lending laws.
About Galileo Financial Technologies
Galileo Financial Technologies, LLC and certain of its
affiliates collectively comprise a financial technology company
owned and operated independently by SoFi Technologies, Inc.
(NASDAQ: SOFI) that enables fintechs, financial institutions, and
emerging and established brands to build differentiated financial
solutions that deliver exceptional, customer-centric experiences.
Through modern, open APIs, Galileo’s flexible, secure, scalable and
fully integrated platform drives innovation across payments and
financial services. Trusted by digital banking heavyweights,
early-stage innovators and enterprise clients alike, Galileo
supports issuing physical and virtual payment cards, mobile push
provisioning, tailored and differentiated financial products and
more, across industries and geographies.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231005258919/en/
Katie Boyless The Fletcher Group 404.791.8245
katie@fletchergroupllc.com
SoFi Technologies (NASDAQ:SOFI)
Historical Stock Chart
From Sep 2024 to Oct 2024
SoFi Technologies (NASDAQ:SOFI)
Historical Stock Chart
From Oct 2023 to Oct 2024