LĪHUʻE, Hawaiʻi — Gather Federal Credit Union said it is now offering buy now, pay later (BNPL) lending to its members.
Gather FCU said its product, called “GatherFLEX,” is the first BNPL offering by a credit union in the state. It is being offered through a partnership with equipfi.
“GatherFLEX gives our members greater control and flexibility over their money,” EVP Justin Ganaden said in a statement.
The $881-million Gather FCU said that when members make eligible purchases on their existing credit union debit card, they will be able to split the payments for the transactions over time.
Extra Funds
In addition, members will also be able to get extra funds in their checking accounts with GatherFLEX’s pre-purchase feature. The 40,000-member GFCU said that through equipifi, GatherFLEX offers are personalized to each member’s financial context and goals, “meeting them where they are with timely access to extra funds when they need it.”
Members view and accept their BNPL offers in their digital banking experience and receive the funds in moments, the CU added.
‘Greater Control’
“GatherFLEX gives our members greater control and flexibility over their money,” Ganaden added in a statement. “By partnering with equipifi, we’re able to deliver a convenient and seamless solution to our digital banking experience, empowering our members to manage their finances on their own terms.”
In releasing the new product Gather FCU cited data that forecast BNPL financing is projected to grow at a compounded annual rate of 25.5 percent between 2022-2026 in the U.S.
