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Swedish BNPL company in collaboration with payment giant Visa – predicts huge market for its SaaS solution

Published: 10 May 2022, 09: 00Updated: 12 May 2022, 15:18David Larsson, CEO of Sileon. Digital solutions for BNPL, ie Buy Now Pay Later, are forecast to be a huge market, and here the Swedish tech company Sileon is far ahead with its SaaS-based solution. – We can offer technical functionality for BNPL in its own trademark. This means that you own customer data and your customer relationship and run this entirely on your own. It sets us apart from all other players in the market, says David Larsson, CEO of Sileon. The payment giant Visa recently signed an agreement with Sileon to be able to make the solution available to its customers. More and more consumers are discovering the benefits of BNPL – being able to smoothly and easily split their payments when shopping online. The upswing that e-commerce received during the ongoing pandemic has also driven the development of BNPL. One reason for traders to offer BNPL solutions is that the conversion rate, ie sales, increases dramatically. – The market is huge. GDP continues to grow and is assumed to be 10-15 times larger within ten years measured in sales volume. Growth is taking place globally and the Nordic region is at the forefront, says David Larsson. With its cloud-based BNPL solution, Sileon is primarily aimed at banks, fintech companies and major retailers. – Our solution is integrated through APIs, regardless of whether you are a bank or a trader. Because it is cloud-based, it is very scalable, reliable and easy to implement with new customers, says David Larsson.BNPL from Sileon has many advantagesFor banks, there are advantages to choosing a ready-made solution rather than developing it yourself. – Banks often have a complex and historically heavy IT infrastructure. Building this yourself takes a long time, costs a lot of money and entails great risks, partly that you do not reach the goal, partly that it will be more expensive than you thought, he says. For traders, it is important to choose the right BNPL partner to monitor its interests in customer relations and access to customer data. – Sileon is unique in offering BNPL functionality where our customer owns data, customer relations, brand and can orchestrate his consumer’s digital experience and credit offering, says David Larsson.Fixed cost for Sileon’s solution The payment model for Sileon’s BNPL solution is based on a fixed rent, rather than a share of profit or turnover. – This sets us apart from most other players in the market. Our customers know in advance what the cost is and that it is linear. When our customers grow with our BNPL solution, the upside is theirs, not ours. We only offer the technology, explains David Larsson. The payment giant Visa has invested just over SEK 16 million in Sileon to accelerate the development of the solution. – Demand and the need for functionality around BNPL is growing significantly all the time right now. That is why Visa has allied itself with us. They are a reseller of our platform to their customers, says David Larsson. Sileon was previously called Paynova, and has been working with payment solutions for over 20 years. The name change takes place at the same time as the company is transformed into a pure tech company. About SileonSileon is a global tech company with Scandinavian roots that delivers BNPL (Buy Now Pay Later) SaaS. Already in 2000, we launched digital payment solutions, today we offer functionality for others to run BNPL under their own auspices and brand. We enable our customers to create positive effects on customer satisfaction and profitability. Read more at sileon.com The article is produced by Brand Studio in collaboration with Sileon and not an article by Dagens industri

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Mining machines seized. Photo: PCSC The police operation “Deu Zebra” resulted in the seizure of cryptocurrency mining equipment from a group responsible for organizing animal games in Greater Florianópolis. The Civil Police of Santa Catarina launched this Thursday (12) the operation “Deu Zebra” with the intention of curbing money laundering […]
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