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PollenPay enters UK BNPL sector

PollenPay enters UK BNPL sector

PollenPay is the latest startup to enter Britain's already crowded buy now, pay later arena, which has just witnessed its latest casualty in the withdrawal of Openpay from the UK market.

The Manchester-based startup has gone live with 250 merchants onboard, offering customers interest-free installment plans on purchases over multiple installments by charging retailers a small fee.

PollenPay operates a £250 credit limit for users, who must undergo KYC checks to qualify.

The company says its new mobile application has already been downloaded over 1,000 times in just a few days of being live.

PollenPay is entering a saturated market, dominated by larger brands such as Klarna and Afterpay alongside a number of niche operators. The firm's arrival coincides with the exit from the UK market of Australia's Openpay after a three-year push that failed to dent the market share of established competitor brands.

Openpay's departure comes after the firm was caught up in an FCA crackdown on unfair and unclear terms in BNPL contracts. Openpay was one of three firms ordered to refund customers who had unfairly been charged late payment fees.

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