Paysend Launches Products to Help Customers Boost Credit

United Kingdom FinTech startup Paysend is launching two new products to help customers improve their finances and get their credit scores on track, according to a Wednesday (April 6) press release emailed to PYMNTS.

Credit Builder and Pay Later were developed to help Paysend’s 6.5 million customers in the U.K. get a better handle on their money and keep track of their spending, the release stated.

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With Credit Builder, customers can improve their credit score whenever they use their Paysend card that’s connected to their Paysend Credit Builder account in the Paysend app. Credit Builder is especially helpful for those who have little or no credit history, according to the release.

Credit Builder updates Experian, Equifax and TransUnion on all spending and payments, and customers can only spend what they have in their accounts, the release stated.

Based on Paysend’s own credit scoring system, Pay Later gives eligible users the ability to spend 100 British pounds (about $130) additional for purchases wherever Mastercard is accepted, according to the release.

Pay Later is offered without a credit check by external agencies. No interest is charged when customers spend the amount that’s in their Pay Later account. Paysend customers can improve their credit scores by making payments on time every two weeks, the release stated.

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“Many of our customers have low or no credit score and limited access to financial products that can help them build a credit footprint and strengthen their financial circumstances,” said Paysend Head of Product Ben Chisell in the release. “We are addressing this gap and helping our customers to positively contribute to their credit score with transactions made through Paysend’s platform.”

“Our customers also may need a financial buffer, and we’re providing them with a flexible and controlled way to pay later that combines the convenience of paying directly from the Paysend account with zero interest,” Chisell added in the release. “With Paysend, customers will be able to access additional funds for any purchase and enhance their credit footprint while also being protected from other credit products that may worsen their financial situation.”