SCOTTSDALE, Ariz. — equipifi announced it has closed a $34-million Series B funding round led by Left Lane Capital, with continued participation from existing investors including Curql and PHX Ventures.
According to equipifi, the latest funding brings the company’s total capital raised to $49 million.
The company said it provides a fintech platform that enables banks and credit unions to offer flexible payment solutions directly within their digital banking platforms, included buy now, pay later (BNPL) solutions, as the CU Daily has reported.
According to equipifi, flexible payment products have become a preferred option for more than 82 million American consumers, although most such offerings currently are provided by third-party fintech companies operating outside traditional banking relationships.
equipifi said its platform is designed to allow consumers to split purchases into installment payments through their primary financial institution rather than through outside providers.
Tripled in Volume
The company said consumer adoption of FI-embedded flexible payment solutions has more than tripled over the past year. It also cited research showing consumers prefer accessing flexible payment options through their primary bank or credit union and report higher satisfaction levels when doing so.
“BNPL has become the third pillar of how consumers pay alongside debit and credit, and that shift is permanent,” Bryce Deeney, founder and CEO of equipifi, said in a statement. “Financial institutions are best positioned to own this space, and equipifi is building the network that will power them. With Left Lane’s support, we’re proud to help the industry meet this moment and define the next era of payments.”
How Funds Will be Used
The company said its technology focuses on integration with existing banking systems, institutional-grade reliability and a consumer experience designed to feel native to a customer’s existing banking relationship.
equipifi said proceeds from the Series B round will be used to expand its reach among financial institution partners and enhance product capabilities. The company also said it expects to double its headcount over the next year, with hiring focused primarily on product and engineering roles.
