One of Europe’s most rapidly growing fintech companies, Sun Finance, is expanding its product range with BNPL (buy-now-pay-later).
The first market in which this new product is being launched is Latvia, where the company’s headquarters are located.
Sun Finance operates in seven countries and has more than 9 million registered clients that use the company’s offered services as instalment loans, line of credit and microloans. Now Sun Finance is expanding its product range with BNPL.
“Our growth strategy has always been focused on entering new markets and on expanding our product range,” says Sun Finance founder and CEO Toms Jurjevs. “We are delighted not only to launch the BNPL product but to introduce in this market an unprecedented improvement - we are the first company in Latvia that allows clients to pay later not just for goods and services online, but also on site at shops too.”
BNPL allows people to buy products they want immediately and to pay for them later. The best-known companies globally to offer BNPL are fintech giants such as Affirm and Afterpay. Now Sun Finance has joined their ranks.
“People enjoy BNPL because it is very convenient and quick to use,” says Jurjevs. “You go to the store, choose the shoes that you want to buy, for instance, open the mobile app, enter the name of the store and the amount, choose your repayment deadline, and that’s that – the shoes are yours! Global practice is that goods can only be purchased from partner shops, but we are levelling up the service allowing our clients to use the BNPL product at any store. That is our business approach – we take the best from the world’s best practices, add our own experience and views about the specific market, and create new financial services which are truly adapted to consumer needs.”
The ticket size of the Sun Finance BNPL product is between EUR 20 and EUR 2,000. The product can be used at any online and on-site store in Latvia, choosing to pay for the product in instalments for as long as 36 months.