Galileo Financial Technologies, LLC, a company owned by SoFi (NASDAQ: SOFI), has announced a buy now, pay later (BNPL) solution, according to the company. Galileo said it will provide single use virtual cars that incorporate complete loan servicing.
Galileo intends to make the BNPL service available to Fintechs as well as banks providing a shorter path to offering the popular method of credit that is giving credit cards a run for the money.
David Feuer, Chief Product Officer at Galileo, said that more Americans are looking for flexible financing solutions and their service is a better BNPL offering:
“For our clients who are already part of the Galileo ecosystem with checking and savings accounts, offering Buy Now, Pay Later makes it even more seamless for program managers to execute both payments and disbursements.”
Galileo states that BNPL services are predicted to top 900 million global users by 2027 but non-bank BNPL providers typically base their services off of limited customer data putting both the issuer and consumer at risk.
The Galileo BNPL service will be providing financing via a bank that is said to consider consumers ability to pay. For customers, a real-time personalized offer is provided and then a consumer can decide whether to utilize the BNPL offering or not.
Galileo adds that the bank-issued BNPL solution makes repayment flexibility available and the total number of installments can be customized.