#United States #Scottsdale #equipifi #BNPL #Patrick McHenry

Former Congressman Patrick McHenry Joins equipifi as Senior Advisor

In a significant move within the fintech landscape, equipifi has announced the appointment of former Congressman Patrick McHenry as a Senior Advisor. This decision comes as the company ramps up its efforts to expand Buy Now, Pay Later (BNPL) services tailored for financial institutions across the United States. With McHenry's extensive experience, particularly his role as the U.S. House Financial Services Committee Chair, equipifi gains a wealth of knowledge that will be instrumental in navigating the regulatory frameworks surrounding BNPL initiatives.

Driving Financial Accessibility

Patrick McHenry’s approach has been consistently rooted in increasing consumer access to credit, a philosophy he has championed throughout his over 20-year career in Congress. His engagement with equipifi aligns with his belief that affordable and efficient access to credit is essential for enabling consumers to achieve their goals. McHenry stated, "Consumers depend on affordable and efficient access to credit to realize their vision of the American dream. Fortunately, financial institutions are investing in the responsible innovations required to provide it."

As a Senior Advisor, McHenry will provide equipifi with strategic policy and regulatory guidance, aiding the company in scaling its bank-provided BNPL programs to cater to all U.S. consumers. His commitment to fostering an innovation-centric regulatory environment will help the fintech navigate the rapid evolution of consumer demands.

Equipifi’s Remarkable Growth

Since its founding in 2021, equipifi has been at the forefront of providing a white-label BNPL platform for financial institutions. This strategy allows banks and credit unions to offer financing solutions that align with their customer's purchasing habits, payment preferences, and financial aspirations. As consumer demand for BNPL continues to surge, projected to grow at a compound annual growth rate of approximately 24.3% from 2023 to 2030, the company reported a staggering 3,300% year-over-year increase in active users on its platform in 2024.

Bryce Deeney, CEO and co-founder of equipifi, expresses enthusiasm about McHenry's addition to the team: "For years, consumers have been asking their trusted financial institutions for flexible financing within their home banking, and now banks and credit unions are providing it through BNPL. The guidance of former Congressman McHenry is invaluable as we prepare to scale this solution."

Strengthening Industry Connections

In addition to his role at equipifi, McHenry brings further credibility to the team with his connections in the industry; he also serves as a senior advisor for payments giant Stripe and venture capital firm Andreessen Horowitz (a16z). His industry insights are expected to augment equipifi's strategy and operations significantly.

Moreover, equipifi's advisory board is further enhanced by the inclusion of seasoned professionals like Paul Watkins, the former head of the Office of Innovation at the Consumer Financial Protection Bureau, and Fred Rubin, the former National Bank Examiner at the Office of the Comptroller of the Currency. This esteemed group positions equipifi uniquely to not only navigate current regulatory landscapes but also to lead in product innovation pertaining to BNPL.

Looking Ahead

As equipifi moves forward under McHenry's guidance, the path looks promising. His advocacy for clear guidelines and effective partnerships between banks and fintech institutions has historically led to solutions that positively impact consumers. As the demand for financial flexibility increases, equipifi is strategically positioned to cater to these emerging needs, ultimately driving the evolution of banking and consumer finance.

Through this collaboration, McHenry and equipifi are set to reshape the BNPL space, providing U.S. consumers with greater access to credit and more tailored financial solutions than ever before. The journey ahead is about enabling people to realize their financial dreams while ensuring that banks can effectively serve as responsible partners in their customers' financial lives.