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Fintech Nexus Newsletter (March 19, 2024): Galileo enhancing BNPL features.

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TLDR:

  • Galileo has expanded its BNPL offering for banks and fintechs, focusing on post-purchase functionality.
  • This move aims to make it easier for any bank or fintech to tap into the growing BNPL trend.

In the latest Fintech Nexus Newsletter, it was announced that Galileo, a fintech company specializing in payments, card issuing, and digital banking, has enhanced its Buy Now, Pay Later (BNPL) offering for banks and fintechs. The key development in this expansion is the addition of post-purchase functionality. This feature allows consumers to convert credit card transactions into BNPL payment plans, a strategy that has been gaining traction in the industry recently. Galileo is targeting both existing lenders and those without lending programs, positioning this offering as a way for deposit-focused fintechs to enter the lending space.

The expansion of Galileo’s BNPL offering comes at a time when the demand for BNPL services is on the rise, with consumers showing a strong preference for this innovative financial solution. By providing a simple way for banks and fintechs to offer BNPL options to their customers, Galileo aims to capitalize on this trend and make BNPL more accessible in the market.

Overall, this move by Galileo underscores the ongoing evolution of the fintech industry, as companies continue to innovate and adapt to meet the changing needs of consumers. The expansion of BNPL offerings not only benefits banks and fintechs looking to enhance their product portfolios but also provides consumers with more flexibility and convenience in managing their finances.

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