OAKLAND, Calif.–(BUSINESS WIRE)–Peach Finance, the leading modern loan management and servicing technology platform, today announced that it has joined the Mastercard Engage Partner Network as a fintech enabler to help bring consumers more payments choices. The partnership is currently focused on supporting lenders in developing buy now, pay later (BNPL) solutions leveraging the Mastercard Installments program.
BNPL is growing rapidly, with a projected e-commerce transaction value of $7.2T by 2025. But one of the barriers to growth in the space has been the challenge of merchant acceptance—BNPL providers must build merchant acceptance relationships one by one. Mastercard has helped solve this problem by developing a BNPL solution that’s available everywhere Mastercard is accepted.
The new Mastercard Installments program brings scale, flexibility and simplicity to the BNPL space by helping banks, lenders, wallets and fintechs get to market faster—all with the security and peace of mind that come with Mastercard. As a qualified Engage partner, Peach will provide issuers in the Mastercard network the servicing technology they need to quickly launch highly flexible programs using Mastercard Installments.
An additional barrier to BNPL growth has been the challenge of launching newer lending constructs like BNPL on legacy servicing technology. That’s where modern servicing solutions like Peach can help. Peach’s platform is agnostic to asset class, enabling lenders to offer virtually any type of lending program, including novel constructs.
“Servicing technology is arguably the most critical component of the lending tech stack,” said Russell Braden, Peach’s VP of Product. “When novel lending constructs arise, a lender’s servicing tech can either be a competitive advantage or a hindrance. That’s why we designed Peach’s platform around an Adaptive Core, which gives lenders the flexibility to launch virtually any loan type in any asset class and continually refine their lending programs at scale.”
Braden continued: “We’re proud to be part of the Mastercard Engage network, where we can offer our modern platform and deep BNPL expertise to many of today’s top lending innovators. We believe that unlocking lending innovation is fundamentally good for borrowers and for the financial industry, and our partnership with Mastercard has the potential to significantly accelerate this innovation.”
Peach’s platform is designed to help lenders launch and scale modern lending products. Peach provides a loan management system, an integrated suite of servicing tools and Compliance Guard™, a proprietary compliance monitoring system. Unlike other lending technology platforms, Peach gives lenders full configurability both at launch and at scale—so they can adapt to evolving technologies, markets, regulations and customer preferences.
The Mastercard Engage Partner Network is a global program that identifies and qualifies tech enablers that can help Mastercard customers implement products and services faster and easier. More information is available on the Mastercard Engage website. Mastercard clients interested in learning more about Peach can reach out to [email protected].
Peach Finance is a cloud-native, API-first lending technology platform that helps fintechs and traditional financial institutions quickly launch new lending programs. Peach is the only lending platform built on an Adaptive Core™. The company’s fully integrated suite of API-based products includes a loan management system that supports virtually any asset class and features 200+ configuration variables; a suite of proprietary servicing tools, including a lending-specific CRM, borrower portal, agent portal, payment processing, communications, reporting and first-party collections tools; and Compliance Guard™, a proprietary compliance monitoring system. Peach was built by leaders from top fintechs like Affirm, Avant and Prosper, who set out to create the most configurable, robust, compliance-forward and future-proof lending platform in the market. Peach’s mission is to improve lives by giving every lender the power to innovate. Learn more at peachfinance.com.