New ‘buy now, pay later’ company launches in the UK
As the number of ‘buy now, pay later’ (BNPL) schemes continues to rise, a new company has launched in the UK.
A new UK BNPL company PollenPay has launched after a short delay.
PollenPay, a Manchester-based fintech company has now officially launched, and had over 1000 downloads in its first few days live.
The new app can be used at over 250 retailers and is currently available on the Apple app store for users aged 18 and over.
The company was founded by CEO Leon Wilson, alongside Brian Teo and Steven Hilton.
“We are thrilled to launch the PollenPay App on the Apple app store. Our solution is helping to give everyday people more flexibility when making payments and offers a more responsible approach to BNPL transactions, which we believe can be used to elevate levels of financial responsibility across the UK,” Wilson said in a media release.
Like other BNPL providers, PollenPay offers users interest-free instalment plans on purchases by charging retailers a small fee.
In allowing customers to spread payments, the company claims to allow individuals more flexibility, financial ease and responsibility.
It also offers greater cash flow management for boutique businesses.
Providing an alternative to traditional credit, the service is free for customers who make repayments on time.
With a focus on “social and financial responsibility”, the company says it aims to ensure its customers do not fall into “persistent debt”.
PollenPay does this by preventing customers from using the service until they pay each instalment, and by offering spending limits largely determined on how well a customer pays back.
According to the company, a lot of its early success can be attributed to these “human-centric core values” alongside its know-your-customer (KYC) checks.
In addition to the KYC checks, PollenPay has a system that will assess whether users qualify for an initial £250 credit limit without a full credit check.