equipifi Announces $3 Million Seed Round Financing

FinTech SaaS Company Provides Banks and Credit Unions with Buy Now, Pay Later (BNPL) Solution to Grow and Engage Existing and New Members

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equipifi

Nov 03, 2021, 07:00 ET

SCOTTSDALE, Ariz., Nov. 3, 2021 /PRNewswire/ -- equipifi, a fintech company providing banks and credit unions with a cloud-based, fully integrated white-label Buy Now, Pay Later (BNPL) solution for their members, announced its official launch today with $3 million in seed financing. The funding will go toward expanding product capabilities, continuing to recruit top talent, accelerating equipifi's go-to-market strategy, and enhancing partnerships with banks and credit unions. The seed 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.

Arthur Miller, Bill Simmons, and Bryce Deeney (left to right).

"Banks and credit unions are eager to strengthen consumer relationships, particularly as they seek to attract and retain a younger demographic," said Bryce Deeney, CEO and co-founder of equipifi. "We provide an innovative solution for our financial institutions, helping them effortlessly launch and maintain a customizable BNPL payment solution that fully integrates with consumers' checking accounts and debit cards."

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.

equipifi's BNPL solution is API-driven and built to be launched effortlessly with banks and credit unions. Its white-labeled user interface and direct connection to checking accounts and debit cards allow a seamless integration with existing applications, requiring no new introductions.

"Most existing BNPL solutions target consumers directly, which poses a market share threat to banks and credit unions," said Arthur Miller, CTO and co-founder of equipifi. "equipifi is built to help banks and credit unions retain and attract customers by reducing friction in the payments process and providing a seamless and automated user experience tied to existing customer accounts."

"We invest in outsiders; mission-driven founders with an irrational commitment to their cause," said Nick Moran, General Partner of New Stack Ventures. "We're proud to back equipifi because the founders bring extraordinary experience and industry know-how to the banking industry. We believe their BNPL solution for banks and credit unions will be transformative for both the financial institutions that use it and their member base."

"Revolution's Rise of the Rest seeks to partner with passionate entrepreneurs upending traditional industries with innovative products. equipifi has assembled an impressive team of investors, advisors, and employees with the experience to address an enormous opportunity in the banking market," said David Hall, Managing Partner at Revolution's Rise of the Rest Seed Fund. "Bryce, Arthur, and Bill Simmons, Chief Program Officer, understand the value of experience and are building the company the right way to prepare for growth and scale. It is another great example of founding teams finding the right mix of talent and resources outside of Silicon Valley."

About equipifi

equipifi is an innovative fintech company that 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. For more information on equipifi, visit www.equipifi.com.

SOURCE equipifi