equipifi, a Scottsdale AZ-based provider of a Buy Now, Pay Later (BNPL) Solution for banks and credit unions, raised $3M in Seed funding.
The round was led by New Stack Ventures, with participation from Revolution’s Rise of the Rest Seed Fund, SaaS Ventures, PHX Ventures, and several strategic angel investors. Baleon Capital led a subsequent seed round with participation from SixThirty.
The company intends to use the funds to expand product capabilities, to recruit top talent, accelerate its go-to-market strategy, and enhance partnerships with banks and credit unions.
Led by Arthur Miller, Bill Simmons, and Bryce Deeney (left to right), equipifi provides banks and credit unions with Buy Now, Pay Later (BNPL) solutions for their members. The solution fully automates the lending, marketing, messaging, and user experience for banks while reducing friction for consumers who want to utilize the benefits of BNPL services
Using equipifi, banks and credit unions can send a BNPL offer via push notification or text message when an eligible customer makes a purchase with their debit card. If the offer is accepted, the original purchase amount is deposited back into the customer’s checking account. A new plan is created on the banking core and is available for the customer to view and manage through their existing online banking portal. Customer eligibility is determined prior to the transaction, powered by a decision engine that sets real-time parameters for each customer to ensure offers are within approved limits.