Buy now, pay later: RBI introduces new payment solution / cashpresso from Austrian fintech Credi2 available in CEE markets

Vienna,May 05, 2021

Raiffeisen Bank International AG (RBI) and Austrian fintech Credi2 GmbH have agreed on a strategic partnership and launched a new financing solution: cashpresso. It provides an extremely fast and easy buy now, pay later payment option that is suitable for retail as well as private customers. RBI is thus strengthening its digital product offering and is entering a new business segment for its retail and corporate customers in its markets.

„The partnership with Credi2 is a perfect strategic fit to RBI´s retail business. We see a lot of opportunities for growing the customer base and raising synergies. We are looking forward to bringing this solution to our corporate and SME clients in the CEE markets,” said Andrii Stepanenko, Management Board member responsible for Retail Banking. He added that the RBI-Group is consistently expanding its digitalization course. cashpresso lays the foundation for further innovative financing solutions in a new growth market. Buy now, pay later models are growing in importance in the retail customer segment as a sensible and low-cost financing alternative.

The close collaboration between the bank and the fintech has proven ideal for product conception and the finetuning of associated processes: “We were able to support RBI in offering a new product in a rapidly growing market within a very short time span. We achieved this without long development times and with a successful, perfectly adapted solution,” said Credi2 co-founder and CEO Daniel Strieder. According to the banking expert, the cooperation is a role model for the industry: “The market is more dynamic than ever. To achieve long term success, you have to take advantage of digitization and be willing to work in partnership with other companies and learn from each other.”

Scalable and customer-centred

The new cashpresso financing solution can be used by the retail sector at the point of sale and for online purchases, as well as by private customers for a product-independent credit. This flexibility enables a smooth and easy deployment through different access channels in the on- and offline world. Petro Merkulov, Product Owner for cashpresso at RBI, is convinced of the future potential: “cashpresso is a customer-friendly, scalable product that is constantly being developed by a highly professional team. This combination convinced us to enter into a partnership. RBI is known and recognized for being the best relationship bank in its markets, especially in CEE. Now we are happy to have another best-in-class product, which we can offer to our corporate and SME clients for their e-commerce platforms.”

About Raiffeisen Bank International and Credi2 GmbH

RBI considers Austria, where it operates as a leading corporate and investment bank, as well as Central and Eastern Europe (CEE) as its home market. 13 markets in the region are covered by subsidiary banks. In addition, the RBI Group includes numerous other financial services companies, for example in the areas of leasing, asset management and M&A. Around 46,000 employees serve 16.7 million customers in 2,000 business outlets, the vast majority of them in CEE. RBI’s shares are listed on the Vienna Stock Exchange. The Regional Raiffeisen Banks hold around 58.8 per cent of RBI, with the remainder in free float. Within the Raiffeisen Banking Group, RBI is the central institution of the Raiffeisenlandesbanken and other affiliated banking institutions.

Credi2 specialises in embedded finance solutions for ‘buy now, pay later’ and subscriptions. The fintech enables banks, merchants and OEMs to offer modern sales financing solutions via the Credi2 platform. Customers include Volkswagen Bank, Raiffeisen Bank International and Apple. Credi2 has worked with these companies to launch innovative and highly successful payment solutions in a short period of time.  

The Vienna-based scale-up was founded in 2015 by Daniel Strieder, Michael Handler and Jörg Skornschek. In addition to the founding trio, the management team also includes Christian C. Waldheim and Jennifer Isabella Schimanko. Credi2 is a fast-growing fintech currently employing more than 90 people from all over Europe.