Splitit, a BNPL service and solutions provider, has launched FI-PayLater, which will allow financial institutions like banks and card issuers to offer installment plans at the merchant checkout and tap into the BNPL market.

FI-PayLater will leverage Splitit’s merchant network and offer a unified API with multiple integration options, including direct connections, connections through payment networks, or integration via issuer processors. It will allow banks and card issuers to generate incremental fees from existing customers.

Analyst QuickTake: Splitit voluntarily delisted from the Australian Securities Exchange (ASX) in December 2023 after the closure of Motive Partners' first tranche of USD 25 million in a USD 50 million growth funding . FI-PayLater’s launch comes amid the second tranche of the investment and other ongoing closing prerequisites.