After its plans to become a bank in Europe were rejected by the Lithuanian regulator, Blender is moving forward. The company announced today (Thursday) the receipt of a license to provide extended credit and the start of operations of blenderPay BNPL, a company established with the Poalim Bank, which deals in providing digital consumer credit to finance purchases at points of sale and on e-commerce (electronic trade) websites.
The company’s activity will be carried out using Blender’s technology for credit granting activity, which allows consumer credit to be provided immediately. The agreement between Bank Hapoalim and Blender was signed in November 2021. The joint venture has received all the regulatory approvals required to start operations and is expected to operate as early as the first quarter of 2023.
According to the company’s announcement, blenderPay customers will be able to receive financing outside of the existing credit limit, already when purchasing the product or service in a wide variety of retail chains and businesses, so that for every purchase of over NIS 1000 it will be possible to make a wide spread of payments of 12 to 60 payments by order Set outside the credit limit.
Already today the blenderPay service is operated by Blender and deployed in over a thousand points of sale and e-commerce sites in Israel. Among the companies where you can receive the service, you can find leading chains in the field of electricity and electronics (Electrical Warehouses, Bug, KSP, Shechem Electric, Sunny, Istore, iDigital), aesthetics and cosmetics chains (such as American Laser, Naturphil), tourism (Dizenhaus, Mona Tours, Tiktik) the furniture, dental clinics, two-wheeled vehicle, online courses and more.
Gal Aviv, CEO of the Blender Financial Technologies Group and Chairman of Blender Pay: “This is a significant milestone for Blender and the promotion of activity in the BNPL (Buy Now Pay Later) field.” We believe that the consumer credit market is evolving from credit for any purpose to credit for a specific need at a specific point in time. Blender leads a new financial approach that allows customers to better manage the flow of expenses without using the credit framework, and this within a few seconds. BlenderPay activity also benefits the businesses and helps them increase their sales turnover and we are experiencing a constant increase in demand. The start of the activity with the Poalim Bank is part of Blender’s strategic approach to strong collaborations for the growth and expansion of the activity.”