Collin Flotta, Head of Product, Splitit added "Many FIs have expressed a strong desire for this type of solution, and we've responded by delivering it. Our single entry point and extensive network of merchant endpoints make FI-PayLater the easiest and most effective pay-later option for issuers to adopt, integrate, and operate across all consumer touchpoints, allowing us to lead the market and improve the economic model for all involved."
Banks hold a natural advantage in the buy now, pay later (BNPL) market due to two key factors; (a) Lower Cost of Capital and (b) Existing Credit Relationships. FIs already have millions of pre-approved customers in the US (over 200 million). This reduces the burden to underwrite these consumers for new loans, reducing the risk of write-offs and promoting responsible spending. ------------------------------------------------------------------------------------------------------------------------------ They have 4000 banks and 200m customers in the US alone - hence many pilot banks and an established market to launch into. $$$$ Then they go global. $$$$
SPT Price at posting:
7.5¢ Sentiment: Buy Disclosure: Held
