Galileo Financial Technologies, which is operated independently by SoFi Technologies, has announced the expansion of its Galileo Buy Now, Pay Later offering to small businesses. 

Looking to elevate flexibility, the firm is linking with Mastercard, so that banks and fintechs working with Galileo can offer installment financing options to small businesses.

The launch looks to simplify a process that is otherwise relatively complex – boosting funding options for SMBs. Research from Mastercard found that keeping up with rising costs (47%) is the top concern of small business owners as they adapt to new realities, and over eight in 10 small business owners said they are looking for faster and easier access to capital.

David Feuer, Chief Product Officer at Galileo, commented on the move: “Following our successful launch of Galileo Buy Now, Pay Later, which provides fintechs and financial institutions with a solution to offer their consumers flexible payment options, Galileo recognised the growing need to provide the same level of choice and transparency for B2B lenders whose small business customers need better access to credit. 

“Leveraging the power of the Mastercard Installments program, we extended our platform to give small business owners the opportunity to do more with their money through increased access to funds.”

Mastercard Installments seeks to bring immediate acceptance so that small businesses can access their installment loan through a digital virtual card for critical purchases and investments – both in store and online – such as capital improvements, repairs, or inventory. 

Ginger Siegel, North America Small Business Lead at Mastercard, added on the news: “Our goal is to provide small business owners with solutions and resources to help their businesses grow and thrive. 

“We are thrilled to expand our partnership with Galileo to now support this critical segment with credit options and payment flexibility through qualified lenders. It offers them peace of mind to pay back their loans over time, freeing them up to focus on what matters: scaling and optimising their operations.”