PollenPay, a UK-based ‘Buy Now, Pay Later’ firm, has confirmed plans to launch, according to Crowdfund Insider.
The company says it plans to ease pressure on purchases and ensure clients have improved management of cashflow and higher levels of financial responsibility. While many BNPL providers focus on providing consumer installment loans, PollenPay says it can also increase cashflow management for boutique businesses by offering instant payments.
“Customers shouldn’t fear the thought of making payments and retailers shouldn’t worry about receiving money in a timely manner. I’ve watched these issues affect British businesses and consumers for far too long and decided a change needed to be made. That’s why I’ve developed PollenPay, which I’m proud to launch very soon,” founder and CEO Leon Wilson stated.
Despite a large increase in BNPL service providers over the past year, many companies have struggled with regulatory pressure and the growing need to promote financial responsibility among users.
As a result, PollenPay claims it prides itself on human-centric core values and will operate a straightforward business-model.
“Our platform is helping to give individuals and businesses greater control over their finances and facilitating BNPL purchases more efficiently than ever before. As a company, we’re committed to extolling the values of Manchester as a city and will offer a service tailored exactly to our customers’ needs,” Wilson said.
PollenPay says it will provide consumers interest-free, flexible installment plans that allow adjustments in payment schedules, in case of financial hardships, and partner with retailers for a small fee.
The company also says the new service will be free to clients who make payments on time, and include no hidden fees.
The platform is scheduled to launch by the end of 2021, and PollenPay says it has already attracted major retailers to provide its payment option from the initial day of launch.
In other recent fintech news, Fannie Mae announced issuing over $100 billion in Multifamily Green Bonds (MBS), which place focus on improving efficiency and sustainability in building and operating multifamily homes. Ant Money also completed a $20 million fundraise and acquired Blast to continue expansion of its micro-investment platform.