ThriveCart to launch BNPL alternative ThrivePay Installments

Investing.com -- ThriveCart, the no-code sales and payments platform, will announce the launch of ThrivePay Installments later on Wednesday, Investing.com has learned.

The new feature will allow customers to split purchases into 3, 6, or 12 monthly payments using their existing credit card limits, rather than taking on new loans.

The company, which secured a $35 million investment from LTV SaaS Growth Fund in 2023, is positioning the product as an alternative to traditional buy now, pay later (BNPL) services, which typically rely on underwriting, location-based approval systems, and the creation of new consumer debt.

ThrivePay Installments is designed to unlock what the company views as a largely untapped pool of available credit.

U.S. consumers are said to currently hold an estimated $4.1 trillion in pre-authorized credit, of which about $3.3 trillion remains unused.

By relying on existing credit lines, ThriveCart expects authorization rates to reach roughly 85%, around double the levels seen with some BNPL providers.

The product applies to both digital and physical one-time purchases, as well as subscriptions, and pays merchants upfront.

ThriveCart has processed more than $8 billion across 70 million transactions to date. It sees the new feature as particularly suited to higher-ticket digital offerings, an area where BNPL approval rates tend to fall short due to lending constraints and cross-border limitations.

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