Barclays US Consumer Bank Expands Point-of-Sale Finance Suite to Include Amount-Based Payout Options
With increased consumer demand for versatile payment options and booming e-commerce leading to a 200% growth by buy now, pay later (BNPL), Barclays is well positioned to strengthen its presence at the point of sale. Barclays brings decades of experience in marketing, analysis, underwriting and risk management, in addition to the brand presence, a strong balance sheet and a global merchant portfolio in the BNPL market.
“Almost a third of American consumers have used a buy now, pay later service before, and demand is expected to continue to grow as consumers feel more comfortable with the transparency and ease of use of flexible payment options, ”said Denny nealon, CEO of Barclays US Consumer Bank. “Now is the time to enter the US market and offer consumers transparent, personalized, loyalty-focused installment loan programs at some of the travel, entertainment, retail and affinity institutions. the most prosperous in the country.
Barclays’ partner-centric approach focuses on providing leading merchant brands with innovative banking and payment solutions that help drive sales and retain consumers.
“Our new banking solution is built on our promise to provide services that match the lifestyles and purchasing habits of our consumers to create and reward loyalty rather than simply providing a new channel of transactional income,” said Nealon. “Barclays presents an opportunity to increase customer loyalty and establish an intimacy with the brand that will help them drive sales. We are delighted to expand our presence in the BNPL marketplace alongside Amount, a developer who has the technology and knowledge to provide consumers and merchants with a mutually beneficial buying process. ”
Barclays’ U.S. offering will be powered by Amount’s digital financial services platform for point-of-sale financing, supported by the platform’s core functionality including fraud prevention, verification and account management. Barclays partners with Amount given the company’s proven technology, ease and speed of integration, and deep knowledge of digital financial services. The platform is expected to go live with traders later this year.
“There have been seismic shifts in the payments landscape, with consumers embracing and expecting seamless digital experiences. The rise of mobile and online shopping combined with an increase in digital adoption has been rapidly accelerated by the global pandemic, “said Adam Hugues, CEO of Montant. “This has created an environment in which the point of sale is the next consumer finance battleground, in which banks are well positioned to compete given their stability and cost of capital advantages. We share a similar approach to consumer-centric execution, and we are honored that Barclays has chosen to partner with Amount. “
Barclays US Consumer Bank, in partnership with Barclays Principal Investments, participated in Amount’s Series C equity financing round, where Amount raised a total of $ 86 million to further accelerate R&D and mergers and acquisitions strategies on the platform. “We are seeing a fundamental change and acceleration in the way point-of-sale technology is delivered to end consumers, as well as to banks and other infrastructure partners,” said Kester keating, head of major US investments at Barclays. “Amount is at the forefront of this change, and we are delighted to support the company with an equity investment.
About the amount
Amount provides the technology financial institutions need to create and enhance the digital consumer experience. Designed by lending industry veterans, Amount helps partners go digital in months, not years, with omnichannel retail banking experiences and a robust point-of-sale lending solution underpinned by platform functionality. form, including fraud prevention, verification and decision drivers. Using Amount’s technology, banking partners can optimize performance across all product categories by leveraging a variety of service offerings, including customer acquisition, funnel and performance assessments, and risk analysis . The customer base includes financial institutions that collectively manage nearly $ 2,000,000 in US assets and serve more than 50 million US customers. Visit www.montant.com for more information.
Barclays US Consumer Bank is a leading co-branded credit card issuer and financial services partner in United States which creates highly personalized programs to retain and retain customers for some of the country’s most successful travel, entertainment, retail and affinity institutions. The bank offers co-branded credit cards, small business credit cards, installment loans, POS finance, online savings accounts, and CDs. For more information, please visit www.BarclaysUS.com.
Barclays is a British universal bank. We are diversified by activity, by different types of clients and clients, and by geography. Our businesses include global consumer banking and payments, as well as a leading, full-service global merchant and investment bank, all of which are backed by our technology-providing services company. , operations and functional services to the entire Group. For more information on Barclays, please visit www.Barclays.com.