US-based multi-lender point-of-sale platform ChargeAfter has partnered with Wells Fargo to expand its embedded lender network. By incorporating Wells Fargo into its network of lenders, ChargeAfter enables merchants to offer rapid approvals to their eligible customers.

More precisely, following the partnership, merchants that use ChargeAfter’s platform to extend point-of-sale financing will reportedly be able to offer their customers Wells Fargo's private label credit programmes. These programmes purportedly include prolonged promotional periods and fast approvals for eligible consumers and are essential to retailers, as well as service providers operating in sectors like home goods, home improvement, outdoor living, or jewellery, among others. The partnership mirrors a broader industry trend, wherein an increasing number of financial solutions are being introduced and embedded to enhance customer convenience.

Even more to this point, when commenting on the context of this partnership, an official from ChargeAfter pointed out that, as embedded lending evolved into the prevailing standard for the merchants' checkout experience, their platform seeks to optimise customer purchasing capability where it holds the greatest significance – at the point-of-sale. What do Wells Fargo Retail Services and ChargeAfter bring to the table? Wells Fargo Retail Services is a division of Wells Fargo that enables the provision of consumer private label and industry credit card programs to various retailers, manufacturers, associations, distributors, and buying groups that operate in a multitude of markets. In 2023, it was revealed that Wells Fargo joined forces with Versatile Credit and Nationwide Marketing Group.

The aim of the collaboration was the launch of a new financing offering, called 'The Finance Hub', which focused on reshaping the consumer financing experience by providing a comprehensive and tailored financing programme for a wide range of customers. ChargeAfter extends an embedded lending network for point-of-sale consumer financing addressed to financial institutions and merchants. Its solution leverages a network of lenders and a data-driven matching engine that enables it to simplify the distribution of credit within a unified embedded lending platform.

Merchants can implement the omnichannel platform at every point-of-sale, in-store and online. The company is reportedly backed by payment expert investors such as Visa, Citi Ventures, Synchrony Financial, Banco Bradesco, MUFG, PICO Venture Partners, Propel Venture Partners, and The Phoenix. This is not the sole collaboration announced by ChargeAfter in 2023.

In a similar effort to expand its lender network, the company revealed that it partnered with Canada-based B2B BNPL provider Tabit. .