Alchemy launches BNPL lending platform


Payments portal Alchemy has launched a buy now, pay later (BNPL) platform that it claims will turn retailers into FinTechs, according to a company press release on Wednesday, May 4.

Alchemy’s BNPL solution can be integrated with leading e-commerce platforms, as well as sales and CRM tools such as HubSpot and Salesforce, according to the release.

Allied Market Research said BNPL is a $100 billion market that is expected to grow to $4 trillion over the next 10 years, growing at a compound annual growth rate of 45%. BNPL allows merchants and small businesses to sell their products and services without accepting full payment at checkout, instead accepting installment payments from customers.

Alchemy’s BNPL solution offers identity verification, payment management, personalized merchant and customer portals, and communication tools.

Related: Alchemy introduces an automated lending platform for medical financing

In April, Alchemy launched a payment system for patients who seek care now, pay later for services that allow them to split their cosmetic and elective surgeries into smaller payments.

Physicians can onboard clients, request disbursement from lenders, withdraw deposits, and offer clients additional products and services on Alchemy’s medical portal, while lenders have access to all application information, loans, underwriting elements and loan management tools through the lender portal.

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NEW PYMNTS DATA: HOW UTILITIES AND CONSUMER FINANCE COMPANIES CAN IMPROVE THE BILL PAYMENT EXPERIENCE

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