In today’s FinTech news, buy now, pay later (BNPL) innovator Affirm is teaming up with digital secondhand clothing pioneer Poshmark to bring style to an expanded base of users. Meanwhile, global identity verification provider Veriff is aligning with Alloy to build out its know-your-customer (KYC) offerings.
Installment credit firm Affirm is teaming up with eCommerce startup Poshmark to offer increased payment flexibility to shoppers. Of Poshmark’s 80 million users, eligible shoppers can tap Affirm and choose between monthly payments or four interest-free payments every other week for all items over $50.
Global identity verification provider Veriff is partnering with the identity decisioning platform Alloy, to build out Veriff’s KYC offerings. The partnership will offer fraud-fighting tools, KYC solutions, and other fraud-fighting tools to stay compliant.
Technology infrastructure provider Cross River Bank is teaming up with financial app Revolut with the goal of building and scaling Revolut’s FinTech business in the U.S. The tie-up will facilitate access to financial services in the U.S. while also enabling Revolut to integrate additional business verticals such as credit.
India is a prime example of a country being able to pivot from a cash-dependent economy to an economy known for its digital payments landscape. Cashfree Co-founder Reeju Datta in the PYMNTS eBook, “Endemic Economics: 32 Payments Execs on the ‘Next Normal’ That Never Happened.”
When consumers are picking a financial institution, digital features make a difference. In fact, 24% of credit union members would consider switching to new financial institutions over innovation, according to “Credit Union Innovation,” a PYMNTS and PSCU collaboration based on a survey of 4,832 U.S. consumers, 101 credit union decision-makers and 51 FinTech executives.