Kane County Teachers Credit Union Launches BNPL, First in Illinois

Members can now split their eligible debit card purchases to pay over time with new BNPL option.

ELGIN, Ill., May 28, 2024 /PRNewswire/ -- Kane County Teachers Credit Union (KCT Credit Union), a member-owned financial institution based in Elgin, IL, is excited to announce the addition of Buy Now, Pay Later (BNPL) to its suite of online banking products. With assets over $417 million and a member base of over 26,000, KCT Credit Union is the first in Illinois to offer this innovative solution.

Partnering with equipifi, KCT Credit Union becomes the first credit union in Illinois to offer a BNPL solution. This launch will allow KCT members to receive personalized BNPL offers on eligible debit card transactions, which can be viewed and accepted directly through KCT Credit Union's digital banking platform.

"At KCT Credit Union, we are committed to offering safe and user-friendly financial products that support our members' financial well-being," said Sergio Rodriguez, SVP at KCT Credit Union. "By partnering with equipifi, we can provide a BNPL platform that tailors loans to our members' specific needs, offering them a level of transparency and convenience that third-party solutions simply cannot match."

"Consumers are increasingly expecting BNPL options from their trusted financial institutions," said Bryce Deeney, CEO and co-founder of equipifi. "By integrating BNPL into its services, KCT Credit Union is not only meeting this demand but also enhancing the overall banking experience with a secure and member-centric payment solution."

KCT Credit Union joins a growing list of credit unions across the United States, including those in New York, California, Texas, and Michigan, that are pioneering BNPL solutions in their home states. The BNPL market is projected to grow at a compounded annual rate of 25.5% between 2022 and 2026, reflecting its increasing popularity among consumers.

About Kane County Teachers Credit Union
KCT is a member-owned, not-for-profit financial institution that focuses on helping people live better lives financially. Our product line has been developed to help everyone achieve their financial goals regardless of their current financial situation. KCT offers products such as everyday savings/lending needs, transactional services, debt consolidation, financial planning through KCT Financial Services and more.

About equipifi 
equipifi is the leading Buy Now, Pay Later (BNPL) platform for debit card issuers in the United States. This is a white label solution designed to align with consumer purchase habits, payment preferences, and financial goals. The equipifi platform seamlessly integrates with leading banking cores and digital banking platforms to deepen cardholder engagement, grow market share, increase revenue, and provide a single place to view, accept, and manage BNPL plans on their existing banking app. For more information, please visit http://www.equipifi.com/. 

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SOURCE equipifi; Kane County Teachers Credit Union