Barclays US Consumer Bank expands point-of-sale financing suite with amount-based installment payment options

With the increased consumer demand for versatile payment options and the booming e-commerce that has become a 200% growth if you buy now, pay later (BNPL), Barclays is well positioned to strengthen its presence at the point of sale. Barclays brings decades of marketing, analytics, underwriting and risk management experience, as well as branding, a strong balance sheet and a global dealer portfolio to the BNPL marketplace.

“Nearly a third of US consumers have already used a buy-now-pay-later service and demand is expected to continue to grow as consumers become more familiar with the transparency and ease of use of flexible payment options, “said Denny Nealon, CEO of Barclays US Consumer Bank. “The time has come to enter the US marketplace and offer consumers customized, loyalty-driven, transparent POS installment loan programs with some of the most successful travel, entertainment, retail and affinity institutions in the country.”

Barclays’ partner-centric approach is focused on providing leading retail brands innovative banking and payment solutions that help increase sales and build customer loyalty.

“Our new banking solution builds on our promise to provide services that match the lifestyle and purchasing habits of our consumers to create and reward loyalty rather than just providing a new channel of transactional revenue,” said Nealon. “Barclays offers the opportunity to foster increased customer loyalty and intimacy with the brand that will help them grow sales. We are excited to expand our presence in the BNPL marketplace with Amount, a developer who has the technology and has the knowledge to provide consumers and retailers with a mutually beneficial purchasing process. ”

Barclays’ US offering is backed by Amount’s digital financial services platform for POS financing, backed by core features of the platform such as fraud prevention, verification and account management. Barclays partners with Amount because of the company’s proven technology, easy and fast integration and extensive knowledge of digital financial services. The platform should go live with retailers this year.

“There have been seismic changes across the payments landscape where consumers have embraced and expected seamless digital experiences. The rise in mobile and online shopping combined with increasing digital adoption has been rapidly accelerated by the global pandemic, ”said Adam Hughes, CEO of Amount. “This has created an environment where POS is the next battlefield in consumer finance, where banks are well positioned to compete because of their stability and cost of capital advantages. We share a similar consumer-centric approach to 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, at which Amount as a whole $ 86 million Further accelerate R&D and M&A strategies on the platform. “We are seeing a fundamental change and acceleration in the way POS technology is being delivered to end users as well as to banks and other infrastructure partners,” said Kester Keating, Head of US Principal Investments at Barclays. “With this change, the focus is on the amount, and we look forward to supporting the company with a stake.”

For more information, visit www.banking.barclaysus.com and www.ffekt.com.

Over amount
Amount delivers the technology financial institutions need to create and enhance the digital consumer experience. Developed by credit industry veterans, Amount is helping partners digitize in months – not years – with omnichannel retail banking experience and a robust point-of-sale credit solution backed by platform features like fraud prevention, verification and decision making systems . Amount’s technology enables banking partners to optimize performance across all product categories by leveraging a variety of service offerings, including customer acquisition, funnel and performance reviews, and risk analysis. Customers include financial institutions that collectively manage nearly $ 2,000 in US assets and serve more than 50 million US customers. visit www.ffekt.com for more informations.

About Barclays
Barclays US Consumer Bank is a leading co-branded credit card issuer and financial services partner in The United States who creates highly bespoke customer loyalty and retention programs for some of the most successful travel, entertainment, retail and affinity institutions in the country. The bank offers co-branded credit cards, small business credit cards, installment loans, POS financing, online savings accounts, and CDs. For more information, please visit www.BarclaysUS.com.

Barclays is a UK universal bank. We are diversified according to business areas, according to different customer and customer types and according to geographical aspects. Our businesses include consumer banking and payments around the world, and a world-class, full-service global corporate and investment bank, all backed by our service company that provides technology, operations and functional services across the Group. For more information on Barclays, see www.Barclays.com.

SOURCE Barclays

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