P.F.C., a Sweden-based payment institution, is reportedly launching a retroactive “buy-now, pay-later” option for customers, in order to easily convert their purchases to a part-payment or installment plan after the transaction.
P.F.C. is a personal finance application and a free-of-cost Mastercard introduced in 2018 and now has over 70 000 active users based in Sweden. P.F.C.’s user-friendly app allows people to set their monthly budgets, view different spending categories, freeze and order new payment cards, and also contact customer service representatives via live chat features.
The firm’s new credit product allows its clients to convert completed purchases to interest-free part payments or installments with a flat monthly fee.
Eli Daniel Keren, co-founder and CEO at P.F.C., stated:
“With our new part payment product, we enable our users to first buy a festival ticket or a dream vacation and then choose to split their payments after the fact. With this product, we create a broad offering with savings products, part payments and a free debit card.”
Keren added:
“Transparent pricing is part of our DNA, which is why we choose to offer interest-free part payments with a fixed monthly fee so that the user can easily understand the offer.”
P.F.C.’s management says the company aims to simplify everyday financial use, while “making it more personal and transparent.”
Established in 2012 as Betalo, the company initially began developing financial products and services with the latest technology at the core of its business operations. In 2018, Betalo was rebranded to P.F.C. (Personal Finance Company).
The company notes:
“We’re building a mobile-first personal finance app to help our customers attain financial wellbeing. We provide a personalized experience that is tailored to each person’s individual needs.”