Dubai fintech Codebase spots "gap in market" with white label buy now, pay later proposition

A Dubai-based fintech is launching a white-label buy now, pay later offering, saying it has spotted a “gap in the market”.

The launch of the white-label proposition by Codebase Technologies comes amid an explosion in popularity in the buy now, pay later sector recently. 

In the UK, one in 12 people say they have used buy now, pay later services in the past six months to buy basics such as food and toiletries, according to a recent survey by Citizens Advice.

Codebase Technologies says its “industry-first” buy now, pay later offering is “ready-made” and can be “fully customised” for banks , fintechs, lenders and retailers to launch in “just a few months”.

The API banking provider says its offering provides an alternative to companies building a buy now, pay later proposition from scratch or partnering with an existing buy now, pay later company- both of which it says are expensive undertakings.

It says that its offering, called Digibanc BNPL, is a “component-based approach”, which it says can be 50 per cent quicker than building a service from scratch.

Its offering, which leverages its digital banking platform Digibanc, includes an “integrated customer onboarding process”, “detailed data on customer financials and insights”, “automated decisioning across the customer lifecycle”, and “customisable customer journeys”.

Raheel Iqbal, the managing partner at Codebase Technologies, said: “Buy now, pay later is an exciting space, and we've had multiple discussions in the past few months with financial institutions who have outlined the challenges they're facing in adapting to this new trend. 

“Our buy now, pay later solution gives them a way to address that and launch their own BNPL offering quickly and cost-effectively. Introducing such a solution can help increase repeat business, lower customer credit risks, increase average order value, and improve customer experiences; the benefits are extensive."