U.K.-Based BNPL FinTech PollenPay Announces Launch Plans

PollenPay on Wednesday (Dec. 22) jumped into the buy now, pay later (BNPL) sector, giving shoppers another option to spread out their payments over time, according to a Charged report.

Founder and chief executive Leon Wilson outlines the purpose of his company as easing pressure on purchases and addressing the difficulties seen across much of the BNPL market up to this point.

PollenPay gives shoppers greater management of their cash flow to help them remain financially responsible. The company promises it will utilize “stringent measures” to properly safeguard its users.

The Treasury has looking into ways to bring the BNPL sector under control after various issues have hampered its overall acceptance.

PollenPay features interest-free installment plans and is free to those who pay on time, with no interest charges or fees.

“Customers shouldn’t fear the thought of making payments, and retailers shouldn’t worry about receiving money in a timely manner,” said Wilson. “Our platform is helping to give individuals and businesses greater control over their finances and facilitating BNPL purchases more efficiently than ever before.”

Related: Cashplus Bank Teams with Equifax to Launch UK Business Creditbuilder

Last week, U.K. FinTech-for-businesses Cashplus Bank announced its Business Creditbuilder tool in partnership with Equifax to help small- to medium-sized businesses (SMBs) increase accessibility to credit.

About 65% of new U.K. businesses are denied access to credit. Business Creditbuilder is available as a free add-on to fee-based Cashplus business accounts.

There is an estimated lending gap of 6 billion pounds ($7.9 million) between SMBs’ need for credit and what’s available to them, according to independent research commissioned by Cashplus.

Cashplus has a goal of helping SMBs with Business Creditbuilder, a corporate version on the Cashplus Creditbuilder for consumers, which is used by more than 200,000 people.

Also read: 21% of Consumers Are Interested in Using BNPL to Pay for Groceries

Meanwhile, 38% of consumers who do not have credit cards avoid them because they encourage overspending, and another 34% say credit card interest rates are too high, according to The New Credit Model, a PYMNTS and Sezzle collaboration that uses data from a survey of 7,024 American consumers.

Worry-free and second chance consumers say they avoid credit cards because they encourage overspending, while shut-out people say they avoid credit cards because they have a low credit score or personal ID/bank problems.