FedFinancial FCU Launches SpendFlex to Offer BNPL to Federal Employees
Members can now split their eligible debit card purchases to pay over time
FedFinancial Federal Credit Union (FedFinancial FCU), a credit union serving federal employees and their family members in the Washington DC and Baltimore areas, announced that it has added SpendFlex, its branded Buy Now, Pay Later (BNPL) solution, to its suite of online banking products.
FedFinancial FCU is the first credit union to launch BNPL in Washington DC and Maryland.
FedFinancial FCU is the first credit union to launch BNPL in Washington DC and Maryland, and has selected equipifi, a BNPL SaaS designed for financial institutions, to power its solution. By connecting equipifi to its banking core and mobile app, SpendFlex extends personalized offers to members that align with their financial health on eligible debit card transactions. FedFinancial FCU's members will be able to access SpendFlex to view and accept offers within seconds.
"Our credit union is committed to providing valuable financial solutions to federal employees, and they deserve a flexible spending tool provided by their trusted financial institution," said Jonathan Rhodes, President and CEO of FedFinancial FCU. "equipifi's BNPL solution is intuitive for our members and easy to manage, so we can provide immediate financing opportunities at an interest rate much lower than they receive elsewhere."
"BNPL is a convenient payment method that consumers would prefer from their primary financial institution, but up to this point, could only find through third party providers," said Bryce Deeney, CEO and co-founder of equipifi. "Credit unions like FedFinancial FCU are rolling out BNPL as a long-term commitment to their members and their evolving payment preferences."
BNPL programs grew 25 percent in transaction value last year and are projected to surpass $100 billion by 2024. According to the Consumer Financial Protection Bureau, 89 percent of all repayments in 2020-2021 were made through the debit card.