New service enables traditional lenders to access fast growing ‘point of demand’ finance markets
Pay4Later today announced Lender Services , a new Platform as a Service (PaaS) that offers established banks and finance companies white-label access to Pay4Later’s proven ‘point of demand’ lending platform.
Lender Services features a comprehensive suite of lean, automated processes that allow lenders to on-board and manage large client portfolios, originate high volumes of credit applications with extreme efficiency all under their own brand.
Guy Ratcliffe, Director of Lending, Pay4Later said “Entering new markets involves risk and requires capabilities not all lenders have. Pay4Later’s lending platform provides a proven outsourced solution that minimises risk and gives fast access to attractive new lending opportunities.”
The platform is designed to help lenders keep up with continually shifting customer requirements and readily collaborate in an increasing connected lending and payments eco-system. With the option to also outsource merchant acquisition, relationship management and support, lenders gain instant access to an expanding range of markets to maximise loan volumes.
"This timely solution from Pay4Later addresses a large under served market that banks and finance companies have not taken advantage of in the past. Pay4Later now offers a huge opportunity for lenders to enter the market through an easy, cost effective and high growth platform", said Pay4Later board member Gene Lockhart, Chairman of MissionOG and former CEO of MasterCard.
Scott Law, Founder and CEO, Pay4Later added, “In 2010 Pay4Later pioneered point-of-sale finance for ecommerce. Since then more than 1,200 merchants and 5 partner lenders have processed more than £600m of credit applications on our platform. Today, we’re thrilled to announce Lender Services and offer lenders access to a world of exciting new opportunities."
Pay4Later is a leader in point of demand financing. Designed from the ground up for automated online lending, Pay4Later enables lenders and businesses to offer credit as a payment option across all sales channels. Pay4Later works with over 1,200 merchants and a growing number of reputable, established lenders including Shawbrook Bank, Omni Capital, RateSetter and Close Brothers to offer secure and convenient online financing.
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