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Pay4Later launches Platform as a Service for banks

Pay4Later has launched a new Platform as a Service (PaaS) which allows established banks and finance companies to white-label its ‘point of demand’ lending platform.

Pay4Later’s lender services features a comprehensive suite of lean, automated processes that allow lenders to on-board and manage large client portfolios, originate high volumes of credit applications with extreme efficiency all under their own brand.

Guy Ratcliffe, director of lending at Pay4Later, said: “Entering new markets involves risk and requires capabilities not all lenders have. Pay4Later’s lending platform provides a proven outsourced solution that minimises risk and gives fast access to attractive new lending opportunities.”

The platform is designed to help lenders keep up with continually shifting customer requirements and readily collaborate in an increasing connected lending and payments eco-system. With the option to also outsource merchant acquisition, relationship management and support, lenders gain instant access to an expanding range of markets to maximise loan volumes.

“This timely solution from Pay4Later addresses a large under served market that banks and finance companies have not taken advantage of in the past. Pay4Later now offers a huge opportunity for lenders to enter the market through an easy, cost effective and high growth platform,” said Pay4Later board member Gene Lockhart, chairman of MissionOG and former CEO of MasterCard.

Scott Law, founder and CEO of Pay4Later, added: “In 2010 Pay4Later pioneered point-of-sale finance for ecommerce. Since then more than 1,200 merchants and five partner lenders have processed more than £600m of credit applications on our platform. Today, we’re thrilled to announce Lender Services and offer lenders access to a world of exciting new opportunities.”