First Credit Union Launches BNPL to Members, First in Arizona

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Nov 26, 2024, 10:04 ET

Eligible members can now get more funds to pay for purchases over time

CHANDLER, Ariz., Nov. 26, 2024 /PRNewswire/ -- First Credit Union, a credit union with over $750 million in assets and serving over 44,500 members across Arizona, announced that it has added Buy Now, Pay Later (BNPL) to its suite of online banking products.

First Credit Union’s FirstFunds BNPL program serves its members through their shopping journey, and includes both a pre-purchase feature that gives members access to extra funds prior to shopping, and a post purchase feature that converts eligible debit card transactions into installment loans.

First Credit Union is the first credit union to launch BNPL in Arizona. It has selected equipifi, a leading BNPL platform designed for financial institutions and also headquartered in Arizona, to power its solution. With this launch, First Credit Union will extend personalized, pre-qualified BNPL offers branded as FirstFunds to members in its digital banking experience. First Credit Union's FirstFunds BNPL program serves its members through their shopping journey, and includes both a pre-purchase feature that gives members access to extra funds prior to shopping, and a post purchase feature that converts eligible debit card transactions into installment loans.

"First Credit Union is dedicated to providing a variety of financial products and services that can improve members flexibility to meet their financial needs," said Jay Curtis, President and CEO at First Credit Union. "With the launch of FirstFunds BNPL powered by equipifi, we are making it easier for members to stretch their budget and manage their money from wherever they are."

"Buy Now, Pay Later is a financial service that consumers want and are increasingly expecting from their primary financial institutions," said Bryce Deeney, CEO and co-founder of equipifi. "By launching BNPL, First Credit Union is delivering safe and intuitive access to credit in the way that their membership prefers. equipifi is proud to partner with First Credit Union to bring this program to consumers in our home state."

First Credit Union joins dozens of credit unions across the United States that have launched their own BNPL product to their members. BNPL is projected to grow at a compounded annual rate of 25.5 percent between 2022-2026.

About First Credit Union
First Credit Union is a not-for-profit financial institution serving over 44,500 members across Arizona. Established in 1929 and headquartered in Chandler, AZ, First Credit Union has deep roots in the local community. Unlike traditional banks, it is owned by its members, not shareholders. The credit union prioritizes members' well-being by offering member-priced products and services, free financial education, and complimentary money management tools to enhance financial health. With $750 million in assets, First Credit Union's mission is to provide first-class personal solutions to its members. To learn more, visit firstcu.net. Insured by NCUA.

About equipifi
equipifi is the leading Buy Now, Pay Later (BNPL) platform for financial institutions in the United States. This is a white label solution designed to align with consumer purchase habits, payment preferences, and financial goals. The equipifi platform seamlessly integrates with leading banking cores and digital banking platforms to deepen customer engagement, grow market share, increase revenue, and provide a single place to view, accept, and manage BNPL plans on their existing banking app. For more information, please visit http://www.equipifi.com/.

SOURCE equipifi