Visa has added another USD 1 million in Sweden-based Buy Now, Pay Later (BNPL) platform Sileon, in addition to the USD 1. 7 million financing announced in March 2022.

Through the partnership with Sileon, Visa can strengthen banks and financial institutions with technology for BNPL, and make it possible for them to build their own flexible BNPL offering adapted to customers' needs. The platform makes it possible to offer BNPL functionalities regardless of payment method and is thus not limited to card transactions. Presenting Sileon to Visa’s network Visa introduces Sileon and its BNPL platform to card issuers and other financial institutions that contract the platform directly with Sileon.

In parallel, Sileon will market and sell the platform on the growing international BNPL market. Sileon’s officials stated that they share the view with Visa that banks and financial institutions' demand of BNPL functionality is increasing. In order to simplify and deliver on the customers' expectations, they are strengthening their BNPL SaaS platform with additional elective modules during 2023.

Sileon values its strategic partnership with Visa which enables even more banks and financial institutions to quickly and safely launch BNPL. Also commenting on the partnership, representatives from Visa mentioned that their company has been at the vanguard of innovation in payments since its founding in the 1950s and they are constantly working on the next big payment innovations. They are working to advance BNPL capabilities to meet consumer and business demand, and through the collaboration with Sileon they are aiming to bring flexible credit capabilities solution to its clients and partners.

What does Sileon do? Sileon is a global fintech company that offers an innovative SaaS-based Buy Now, Pay Later (BNPL) functionality to banks, lenders, and fintechs. Sileon's BNPL solution is integrated into the customer's environment and operates under the customer's brand, which, unlike conventional BNPL solutions, enables the customer to independently provide BNPL without being dependent on third parties. .