FedFinancial FCU Launches SpendFlex to Offer BNPL to Federal Employees

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, 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.

About FedFinancial Federal Credit Union
FedFinancial Federal Credit Union has been serving Federal Employees and their family members for more than 75 years providing valuable, convenient and innovative financial services. FedFinancial provides excellent value to its members by offering the personalized service of a small financial institution with the digital offerings associated with a much larger organization. For more information, please visit www.fedfinancial.org.

About equipifi  
equipifi is a fintech SaaS powering banks and credit unions with Buy Now, Pay Later (BNPL) solutions that align with their customers' financial goals. The equipifi platform seamlessly integrates with financial institutions to help them deepen customer engagement, grow market share, increase revenue, and provide a single place to view, accept, and manage BNPL plans on their existing banking app. For more information, please visit www.equipifi.com.