Fintech Galileo Enhances BNPL Offering to Facilitate SMBs’ Access for Lenders

Galileo Financial Technologies, a Fintech company owned by SoFi, has announced that its Galileo Buy Now, Pay Later (BNPL) offering is now available for lenders to offer as a service to their small business clients. In partnership with Mastercard, banks and fintechs working with Galileo can provide installment financing options to small businesses through Mastercard Installments, allowing them to make larger purchases and manage their cash flow more effectively.

According to research conducted by Mastercard, small business owners are struggling to keep up with rising costs and are in need of faster and easier access to capital. The current financing options for small businesses are complex and slow, with inadequate funding levels.

Banks have a unique opportunity to build trust with their clients by utilizing the data they already have and providing timely and responsible BNPL offers to SMBs.

With Galileo Buy Now, Pay Later for B2B, lending partners can consider the financial health and repayment ability of small businesses and customize the installment payment plan accordingly. The Galileo loan management platform allows clients to oversee the repayment schedule, disbursements, interest and fees, payment processing, charge-offs, and optional credit reporting.

David Feuer, Chief Product Officer at Galileo, stated that they recognized the growing need to provide small business customers with better access to credit, and by leveraging the power of the Mastercard Installments program, they can give these business owners the opportunity to do more with their money.

Mastercard Installments provides immediate acceptance, allowing small businesses to access their installment loans through a digital virtual card for crucial purchases and investments, both online and in-store. Millions of Mastercard merchants already accept these payments, benefiting from faster receivables and higher ticket sales.

All transactions made through Mastercard Installments are backed by the security and transparency of the Mastercard network, including dispute resolution and Zero Liability protection.

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