Bryce Deeney was a payments executive working at a credit union when he saw first-hand the impact of buy now, pay later (BNPL) activity on the debit portfolio. Cardholders, who were unable to find the services they wanted in the credit union's banking solution suite, were opting to work with third-party fintechs that provided the payment options they wanted, such as BNPL. Deeney, along with global security architect Arthur Miller and program expert Bill Simmons, founded equipifi in September 2021 to improve BNPL service offerings. The company, based in Scottsdale, Ariz., helps banks and credit unions not only address existing gaps, but also redefine BNPL as a flexible financing solution, stated Pat Scherz, chief experience officer at equipifi.
Scherz pointed out that his company helps financial institutions democratize access to flexible financing while keeping their customers' overall financial health and goals top of mind. He also said, "equipifi powers BNPL solutions offered by financial institutions, making its BNPL experience more streamlined, lower risk, and aligned with cardholders' financial goals."
Scherz additionally noted that equipifi, unlike numerous other BNPL service providers, is holistically focused on clients' customers, which helps financial institutions drive revenue growth and extend customer lifecycles. And he cited the following examples:
The company's white-label BNPL solution "integrates with banks and credit unions to curate offers that consumers can view, accept, and manage within their existing banking apps," Scherz said. "By offering BNPL, financial institutions enable their debit cardholders to pay for purchases in a way that aligns with their financial goals."
Scherz credited equipifi co-founders Bryce Deeney, CEO; Arthur Miller, chief technology officer; and Bill Simmons, chief program officer, for the company's exponential growth and highly energized team of 22 employees. The company closed a $3 million seed round in September 2021 and $12 million Series A in May 2022. In addition, Scherz noted, equipifi joined the Symitar vendor integration program in November 2021 and has more partnerships and integrations ahead on its near-term product roadmap.
"Look out for us in the news in the coming months," Scherz said. "We'll be announcing several mobile banking partnerships and integrations, as well as some strategic partnerships in the card processing and card brand networks." Scherz went on to say that equipifi supports the entire commerce value chain, providing solutions for payments industry partners, financial institutions and cardholders.
Tony Dubey, cloud solutions architect at equipifi, stated there is nothing more rewarding than building software and cloud infrastructure from the ground up. He also noted that equipifi solutions empower commerce in the following ways:
"In my 25 years of building software, equipifi is the most exciting thus far," Dubey said. "As a team, we have achieved so many great things in such a short period of time. We can't wait for everyone to see and use our product."
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