Galileo Financial Technologies is broadening its buy now pay later (BNPL) services by adding a post-purchase credit option. Galileo is part of SoFi (NASDAQ: SOFI), a diversified Fintech and digital bank. A pre-purchase option is already available.
This new API-enabled BNPL post-purchase offering is designed for banks and fintechs that want to add a more flexible financing option. It also supports repayment for both existing debit and credit programs.
David Feuer, Chief Product Officer at Galileo, described the post-pay option as “ushering in a new era of responsible lending.”
“Enhancing the accessibility of payment options is a fundamental aspect of our commitment to promoting financial inclusion. With that in mind, one of the major perks of the post-purchase BNPL offering is that it works across all merchants where credit and debit cards are accepted today.”
BNPL has emerged as a popular credit option that competes with traditional credit cards, which frequently have higher rates while encouraging cardholders to roll over debt. Galileo notes that BNPL is forecasted to surpass 900 million global users by 2027.