Barclays US Consumer Bank Expands Point-of-Sale Financing Suite to Include Installment Options Powered by Amount
Barclays will be one of the first providers to offer merchants "white-label" branded point-of-sale solution to increase consumer loyalty as buy now, pay later options grow in popularity
Chicago and Wilmington, Del. | April 27, 2021
Barclays US Consumer Bank, a premier financial services partner and co-branded credit card issuer in the United States, has partnered with Amount, a leading technology provider for financial institutions, to become one of the first major U.S. banks to offer point-of-sale (POS) financing installment options. Barclays will also be one of the first providers to offer merchants the option of a POS payment under the merchant's own brand, which presents a unique opportunity for them to deepen connections with their customers.
With increased consumer demand for versatile payment options and booming e-commerce leading to a 200% growth in buy now, pay later (BNPL), Barclays is well positioned to strengthen its presence at the point-of-sale. Barclays brings decades of experience in marketing, analytics, underwriting and risk management, in addition to brand presence, a strong balance sheet and a global merchant portfolio to the BNPL marketplace.
"Nearly one-third of U.S. consumers have already used a buy now, pay later service, and the demand is expected to continue to grow as consumers become more comfortable with the transparency and ease of use of flexible payment options," said Denny Nealon, CEO of Barclays US Consumer Bank. "The time is right to enter the U.S. market and give consumers customized, loyalty-driven transparent POS installment loan programs at some of the country's most successful travel, entertainment, retail and affinity institutions."
Barclays' partner-centric approach focuses on providing leading merchant brands with innovative banking and payment solutions that help drive sales and build loyalty with their consumers.
"Our new banking solution is built off of our promise to provide services that match our consumers' lifestyles and purchasing habits to create and reward loyalty rather than merely providing a new transactional revenue channel," said Nealon. "Barclays presents an opportunity to drive more customer loyalty and intimacy with the brand that will help them drive sales. We're excited to extend our presence in the BNPL marketplace alongside Amount, a developer that has the technology and knowledge to provide consumers and merchants with a mutually beneficial purchasing process."
Barclays' U.S. offering will be powered by Amount's digital financial services platform for POS financing, underpinned by core platform features including fraud prevention, verification and account management. Barclays is partnering with Amount given the company's proven technology, ease and speed of integration, and deep knowledge of digital financial services. The platform is expected to go live with merchants later this year.
"There have been seismic changes across the payments landscape with consumers embracing and expecting seamless digital experiences. The rise of mobile and online shopping combined with an increase in digital adoption was quickly accelerated by the global pandemic," said Adam Hughes, CEO of Amount. "This has created an environment in which POS is the next battleground in consumer financing, wherein banks are well positioned to compete given their stability and cost-of-capital advantages. We share a similar consumer-centric approach to execution, and we're honored that Barclays chose to partner with Amount."
Barclays US Consumer Bank, in partnership with Barclays Principal Investments, participated in Amount's Series C equity financing round, where Amount raised a total of $86M to further accelerate R&D and M&A strategies on the platform. "We see a fundamental change and acceleration in the way POS technology is being delivered to end consumers, as well as banks and other infrastructure partners," said Kester Keating, Head of U.S. Principal Investments at Barclays. "Amount is at the forefront of this change, and we're delighted to support the company with an equity investment."
Amount delivers the technology that financial institutions need to create and enhance the digital consumer experience. Built by lending industry veterans, Amount helps partners go digital in months—not years—with omnichannel retail banking experiences and a robust point-of-sale lending solution underpinned by platform features including fraud prevention, verification, decisioning engines. With Amount's technology, bank partners can optimize performance across product categories by tapping into various service offerings including customer acquisition, funnel and performance assessments, and risk analytics. Amount clients include financial institutions collectively managing nearly $2T in US assets and servicing more than 50 million U.S. customers. Visit www.amount.com for more information.
Barclays US Consumer Bank is a leading co-branded credit card issuer and financial services partner in the United States that creates highly customized programs to drive customer loyalty and engagement for some of the country's most successful travel, entertainment, retail and affinity institutions. The bank offers co-branded credit cards, small business credit cards, installment loans, POS Finance, online savings accounts, and CDs. For more information, please visit www.BarclaysUS.com.
Barclays is a British universal bank. We are diversified by business, by different types of customer and client, and geography. Our businesses include consumer banking and payments operations around the world, as well as a top-tier, full service, global corporate and investment bank, all of which are supported by our service company which provides technology, operations and functional services across the Group. For further information about Barclays, please visit www.Barclays.com.