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Fintech firm Equipifi secures $12M to expand its BNPL Bank Service

Equpifi-team
Image credits: Equpifi

equipifi, a Scottsdale-based fintech company, announced on Monday that it has secured $12M in a Series A funding round led by Curql Collective via Curql Fund and PHX Ventures.

How will the funding be used?

The funding will enable equipifi to accelerate the company’s growth and expand BNPL solutions for the financial institution.

“BNPL solutions are providing credit unions with a unique opportunity to retain their membership and attract a younger demographic,” says Nick Evens, President & CEO of Curql Collective. 

He adds, “equipifi’s team, with their foundation in credit unions and the banking ecosystem, not only understands our needs but also how to service and scale in our space, making their white label solutions particularly exciting.”

Powering financial institutions with BNPL

According to a report from Worldpay, BNPL accounted for $97 billion of global eCommerce transactions in 2020 and is expected to double to 4.2% by 2024.

Founded by Bryce Deeney, Equipifi helps financial institutions with BNPL offers through their existing debit cards and banking app that are in alignment with their customers’ financial goals. 

The platform seamlessly integrates with financial institutions to help them 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.   

Since its launch in September 2021, equipifi has already partnered with seven financial institutions through multi-year contracts to bring BNPL to their solution suite.

equipifi’s investors include Curql Collective, PHX Ventures, SixThirty Ventures, Rise of the Rest, Newstack Ventures, SaaS Ventures, Baleon Capital, and several notable angel investors, including Hamid Shojaee and Atomic CEO Jordan Wright.

Investor

PHX Ventures invests in Arizona-based, early-stage B2B Saas companies. The company backs ambitious entrepreneurs seeking to build healthy, high-growth, sustainable companies that transform and improve the industries and communities

“Consumer expectations for purchase and payments are evolving, and it’s time for financial institutions to lead the way in providing BNPL solutions that are tailored to these needs,” said Gregg Scoresby, founder, and managing partner of PHX Ventures. “equipifi will be the next high-growth fintech SaaS company built in Arizona that redefines retail financing, and the way that banks and credit unions serve the next generation of consumers.”

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