SIU Credit Union Partners with equipifi to Launch Its In-House BNPL Service

CARBONDALE, IL. (MAY 6, 2025) - SIU Credit Union, a financial institution with over $512 million in assets and serving over 43,000 members, announced that it has added Buy Now, Pay Later (BNPL) to its suite of online banking products.

SIU Credit Union has selected equipifi, a leading BNPL platform designed for financial institutions, to power its solution. With this launch, SIU Credit Union will extend personalized, pre-qualified BNPL offers to members in its digital banking experience. SIU Credit Union’s BNPL program serves its members through their shopping journey, and includes both a pre-purchase feature that gives members access to extra funds prior to shopping, and a post purchase feature that converts eligible debit card transactions into installment loans. Using equipifi, SIU Credit Union also keeps the member engagement, loan activity, and interest income generated from its BNPL program in house.

“Our mission is to become a trusted lifetime partner for our current and future members, and when their needs include access to flexible financing, we provide it,” said Mike Lantrip, President and CEO at SIU Credit Union. “With equipifi, we have launched a BNPL solution that provides our members instant access to funds they need and already qualify for without the risks and barriers that come from an unregulated 3rd-party provider.”

“BNPL is a must-have tool for consumers to stretch their budget and to achieve their long-term financial goals. For years, they have been asking for it from their trusted financial institutions, and credit unions are responding,” said Bryce Deeney, CEO and co-founder of equipifi. “By launching BNPL, SIU Credit Union is committing to a better banking experience for their entire membership.”

Over sixty credit unions have launched their own BNPL product to their members. equipifi’s data shows that over 79 percent of members continue to use BNPL in year two, with overall usage increasing by 38 percent. In the US, BNPL is projected to grow at a compounded annual rate of 25.5 percent between 2022-2026.

About SIU Credit Union

SIU Credit Union is a not-for-profit financial institution with six locations in Carbondale (two), Marion, Energy, Metropolis and Harrisburg. Membership is open to anyone living or working in Alexander, Clinton, Edwards, Franklin, Gallatin, Hamilton, Hardin, Jackson, Jefferson, Johnson, Marion, Massac, Monroe, Perry, Pope, Pulaski, Randolph, Saline, Union, Wabash, Washington, Wayne, White or Williamson counties in Illinois. For more information, visit www.siucu.org.

About equipifi 
equipifi is the leading Buy Now, Pay Later (BNPL) platform for financial institutions in the United States. This is a white label solution designed to align with consumer purchase habits, payment preferences, and financial goals. The equipifi platform seamlessly integrates with leading banking cores and digital banking platforms to 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 http://www.equipifi.com/.