Perpay
- Company typePrivate
- Founded2017
- HeadquartersPhiladelphia, United States
- Headcount101–250
- GTM typeB2C
- OfferingServices
Perpay firmographics
Firmographics- Name
- Perpay
- Legal name
- Perpay, Inc.
- Website
- https://perpay.com
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Ownership category
- akta.pro rank
Perpay industry classification
Industry- Product category
- Buy Now Pay Later
- NAICS
- Credit Card Issuing (522210), Credit Card Issuing (52221), Sales Financing (52222)
- SIC
- Personal Credit Institutions (6141)
- akta.pro primary industry
- Issuer/Network-Led Installments (Card-Based Pay-Over-Time) (FSAGAIAB)
- akta.pro secondary industries
- Third-Party POS Installment Financing Platforms (FSAKAFAB), EMV Chip, Magstripe & PIN Debit Acceptance (FSAMADAG), Marketplace & Platform Seller Payouts (FSAMAKAE)
Keywords
Where Perpay is headquartered
LocationHeadquarters
- HQ city
- Philadelphia
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Perpay business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Technology or R&D, Marketing or Sales, Operations, Personnel, Supply Chain, Infrastructure
Revenue model
- Perpay Marketplace Product Sales (0% APR installment): Members purchase goods on the Perpay Marketplace and repay over a fixed number of payroll-deducted installments (e.g., 4, 8, 16, or 18 payments) at 0% finance charge. Perpay monetizes through product mark-up rather than interest, with shipping and restocking fees applying to certain items.
- Perpay Mastercard Credit Card Interest Charges: Variable APR of 27.74%–29.99% (Prime + 20.99%–24.99% margin, capped at 29.99%) on outstanding purchase balances, calculated using the average daily balance method with new transactions included. Minimum interest charge of $1.00 if any interest accrues.
- Credit Card Account & Service Fees: One-time $9.00 Account Opening Fee, $5.50–$9.00 Monthly Account Service Fee (capped at $108/year after the first year), optional $35.00 Metal Card Fee, 3% Foreign Transaction Fee, and penalty fees up to $24.00 for late or returned payments.
- Perpay+ Credit-Building Service Fees: Perpay+ enrolls eligible Marketplace account holders into a credit-building product that reports payments to Experian, Equifax, and TransUnion. The terms note that 'Fees apply' for Perpay+ though specific amounts are not publicly listed.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | Perpay Marketplace — 0% APR installment purchases |
| Other | Monthly | Perpay Mastercard Credit Card — variable APR with monthly service fee |
| Subscription | Monthly | Perpay+ — credit-building subscription with fees apply |
Go-to-market motion4 records
Distribution channels6 records
Marketing channels11 records
Perpay product offering
Product offeringCore offering
Perpay operates a consumer fintech platform that combines a payroll-linked buy-now-pay-later (BNPL) marketplace with a Mastercard credit card and a credit-building reporting service (Perpay+). Members set up direct deposit through Perpay, receive an Approved Spending Limit, and repay purchases or card balances automatically from each paycheck. The marketplace sells brand-name products at 0% APR in 4, 8, 16, or 18 installments; the Perpay Mastercard Credit Card is issued by Celtic Bank with daily automatic ACH sweeps; and Perpay+ reports on-time payments to Experian, Equifax, and TransUnion.
Product overview
Perpay operates a single integrated consumer financial product platform that combines a pay-over-time online marketplace with a Mastercard credit card and a credit-building reporting service, all anchored by a required payroll direct deposit relationship. The core offering is the Perpay Marketplace, where members can spend up to $1,000 to shop brand-name products and pay over time through automatic payroll deductions. Members can also enroll in Perpay+ to have their on-time payments reported to Experian, Equifax, and TransUnion for credit building, and can apply for the Perpay Mastercard Credit Card (issued by Celtic Bank and serviced by Perpay) to swipe anywhere Mastercard is accepted. Underlying all of this is the Perpay Payroll Direct Deposit program, which funds the installment payments and is a prerequisite for credit card eligibility, and the Perpay Mobile Application, which serves as the primary user interface across iOS and Android.
Differentiator
Problem solved
Functional benefit
Brands
- Perpay Marketplace: An online shopping marketplace offering products paid over time through payroll direct deposit.
- Perpay+
- Perpay Mastercard Credit Card
Products and services
- Perpay Marketplace Online shopping destination where eligible U.S. consumers purchase brand-name products from major brands (electronics, furniture, mattresses, etc.) and pay over time through automatic installments drawn from their payroll direct deposit at 0% APR. Spending is subject to a Perpay-assessed Approved Spending Limit and credit approval.
- Perpay Mastercard Credit Card Mastercard credit card issued by Celtic Bank (Member FDIC) and serviced by Perpay, designed for subprime U.S. consumers. Variable APR of 27.74%-29.99% (Prime + 20.99%-24.99% margin, capped at 29.99%), $0 annual fee, $9 account opening fee, $5.50-$9 monthly account service fee, 3% foreign transaction fee, and late/returned payment fees up to $24. Reports activity to Experian, Equifax, and TransUnion. Requires active Perpay Payroll Direct Deposit.
- Perpay+ Credit Building Credit-building add-on subscription available to eligible Perpay Marketplace account holders. Reports on-time payments to Experian, Equifax, and TransUnion, marketed as producing an average VantageScore 4.0 increase of 30+ points in the first year and 55 points over two years for ~50,000 customers with baseline scores of 550 or below. Fees apply.
- Perpay Payroll Direct Deposit Direct deposit program through which Perpay receives a portion of the member's paycheck via ACH and automatically applies it to installment payments for Marketplace purchases and to the Perpay Credit Card balance. Mandatory prerequisite for opening a Perpay Credit Card account; also the underwriting and repayment backbone for the Marketplace.
Quantifiable outcome
- $839M in spending power extended to members
- +7 more outcomes
Companies that use Perpay
Customer profileNamed customers20 records
Segments4 records
Ideal customer profiles3 records
Perpay technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration13 records
Feature8 records
Perpay partnerships and signals
Strategic signalPartnerships
20 partnerships are on record, tiered core and major.
- Underdog Technologies, Inc. (d/b/a Pinwheel)corePinwheel is a payroll-data integration partner that retrieves Income Information (paystubs, W-2/W-4/1099, salary) and Employment Information (employer, job title, start/end date) from payroll providers such as ADP, QuickBooks, Gusto, and Workday. Pinwheel also routes changes to direct deposit. The integration is the technical backbone of Perpay's underwriting and repayment model.
- PlaidcorePlaid powers secure bank account linking for Perpay members. Members expressly grant Plaid the right to access and transmit bank account User Data, enabling ACH direct deposit setup, identity verification, and the backup payment method flows. Plaid's Privacy Policy governs the data exchange.
- Stripe, Inc.coreStripe serves as Perpay's third-party payment services provider for credit card transaction processing, merchant settlement, and related services. Perpay and Stripe share payment information and instructions to complete member transactions under Stripe's US Terms of Service.
- ADP (payroll provider integration via Pinwheel)majorADP is one of the named payroll providers whose credentials Perpay members enter into Pinwheel to enable Income and Employment data retrieval and direct deposit routing. ADP is also one of the largest employer logos on Perpay's homepage, indicating its employees are Perpay members.
- QuickBooks (payroll provider integration via Pinwheel)majorQuickBooks is one of the named payroll providers integrated via Pinwheel for Income Information retrieval and direct deposit changes.
- Gusto (payroll provider integration via Pinwheel)majorGusto is one of the named payroll providers integrated via Pinwheel for Income Information retrieval and direct deposit changes.
- Workday (payroll provider integration via Pinwheel)majorWorkday is one of the named payroll providers integrated via Pinwheel for Income Information retrieval and direct deposit changes.
- Walmart (employer partner)coreFeatured on the homepage employer logo list under 'Join members who work at over 50,000 companies.' Part of the Employer Partnership track: 'Trusted by employees at 50K+ companies,' 'Boost retention & engagement,' 'No tech lift required.'
- Amazon (employer partner)coreFeatured on the homepage employer logo list. Part of Perpay's Employer Partnership track offering Perpay as a no-tech-lift financial wellness benefit.
- Target (employer partner)coreFeatured on the homepage employer logo list under the 'members who work at over 50,000 companies' partnership motion.
- Home Depot (employer partner)coreFeatured on the homepage employer logo list and part of Perpay's Employer Partnership track offering Perpay as a no-tech-lift financial wellness benefit.
- AT&T (employer partner)coreFeatured on the homepage employer logo list and part of Perpay's Employer Partnership track.
- Kaiser Permanente (employer partner)coreFeatured on the homepage employer logo list and part of Perpay's Employer Partnership track offering Perpay as a financial wellness benefit.
- Comcast (employer partner)coreFeatured on the homepage employer logo list and part of Perpay's Employer Partnership track.
- Wells Fargo (employer partner)coreFeatured on the homepage employer logo list and part of Perpay's Employer Partnership track.
- UnitedHealth Group (employer partner)coreFeatured on the homepage employer logo list and part of Perpay's Employer Partnership track.
- T-Mobile (employer partner)coreFeatured on the homepage employer logo list and part of Perpay's Employer Partnership track.
- United States Postal Service (employer partner)coreFeatured on the homepage employer logo list and part of Perpay's Employer Partnership track.
- U.S. Department of Veterans Affairs (employer partner)coreFeatured on the homepage employer logo list and part of Perpay's Employer Partnership track.
- Social Security Administration (employer partner)coreFeatured on the homepage employer logo list and part of Perpay's Employer Partnership track.
Scale indicators10 records
Recent moves6 records
Expansion highlights5 records
Perpay competitors and assessment
Company assessmentDirect peers
- Affirm: Affirm is a publicly traded BNPL and consumer credit platform offering pay-over-time at checkout plus its own Affirm Card. It directly competes with Perpay's Marketplace and credit card products, though Affirm skews more prime and is merchant-funded rather than payroll-anchored.
- Klarna: Klarna is a global BNPL leader offering pay-in-installments at checkout and a banking app. It competes directly with Perpay's Marketplace installment flow, though Klarna is primarily prime-focused and operates internationally versus Perpay's subprime, U.S.-only focus.
- Sezzle: Sezzle is a BNPL provider explicitly focused on subprime and credit-building consumers — the closest demographic peer to Perpay. It offers pay-in-4 plus a subscription product (Sezzle Premium), competing for the same underserved borrower segment.
- Afterpay: Afterpay (owned by Block) pioneered pay-in-4 BNPL at merchant checkouts. It overlaps with Perpay's installment model and digital-native consumer base, though Afterpay is merchant-funded and targets more near-prime shoppers.
- Zip Co: Zip Co is a global BNPL provider (Zip Pay/Zip Money) competing in the U.S. with installment products at checkout. It overlaps with Perpay's installment mechanic and similar millennial/Gen Z digital shopper audience.
Broad incumbents
- PayPal Pay in 4: PayPal's Pay-in-4 product offers short-term installments to PayPal's 400M+ users. As a broad incumbent with massive existing checkout distribution, it competes with Perpay at merchant acceptance points, though it targets a more prime consumer base.
- Chime: Chime is a large U.S. consumer fintech offering fee-free banking, early direct deposit, and a secured credit-building card. It serves an overlapping underbanked/subprime consumer base and competes with Perpay for employer-distributed financial-wellness mindshare.
Emerging players
- Self Financial: Self Financial is a credit-builder fintech offering the Self Visa Credit Card and credit-builder loans that report to all three bureaus. It competes directly with Perpay+ for the subprime credit-building outcome, though without the marketplace or BNPL surface.
- Current: Current is a U.S. consumer fintech offering paycheck-linked banking features, early direct deposit, and a credit-building debit card. It overlaps with Perpay's pay-cycle-aligned value proposition for working-class Americans, though without a BNPL marketplace or credit card product.
- Earnin: Earnin is a payroll-linked earned-wage-access app that lets workers access wages before payday. It overlaps with Perpay's pay-cycle-anchored model for working-class consumers but competes via early wage access rather than BNPL or credit.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Perpay social profiles
Digital presencePerpay compliance and trust
Trust signalCompliance2 records
Perpay financial estimates
Financial estimateRevenue estimate
Valuation estimate
Perpay leadership team
Management profileNumber of profiles
Profiles7 records
Perpay funding detail
Funding detailFunding overview
Funding rounds3 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Perpay M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Perpay
What does Perpay do?
Perpay operates a consumer fintech platform that combines a payroll-linked buy-now-pay-later (BNPL) marketplace with a Mastercard credit card and a credit-building reporting service (Perpay+). Members set up direct deposit through Perpay, receive an Approved Spending Limit, and repay purchases or card balances automatically from each paycheck. The marketplace sells brand-name products at 0% APR in 4, 8, 16, or 18 installments; the Perpay Mastercard Credit Card is issued by Celtic Bank with daily automatic ACH sweeps; and Perpay+ reports on-time payments to Experian, Equifax, and TransUnion.
Is Perpay a public or private company?
Perpay is a private company. It is classified as venture growth investor backed and is currently operating.
When was Perpay founded?
Perpay was founded in 2017. It employs 101 to 250 people.
Where is Perpay based?
Perpay is headquartered in Philadelphia, United States, in the North America region.
How does Perpay make money?
Four revenue lines are on record. Perpay Marketplace Product Sales (0% APR installment) is the primary driver. The others are perpay Mastercard Credit Card Interest Charges, credit Card Account & Service Fees and perpay+ Credit-Building Service Fees.
Who are Perpay's main competitors?
Direct peers on record are Affirm, Klarna, Sezzle, Afterpay and Zip Co. Broad incumbents are PayPal Pay in 4 and Chime. Emerging players are Self Financial, Current and Earnin.
Does Perpay have an API?
No public API is recorded for Perpay.
What industry is Perpay in?
Perpay's product category is Buy Now Pay Later. Its primary akta.pro industry code is FSAGAIAB, Issuer/Network-Led Installments (Card-Based Pay-Over-Time), with a secondary code of FSAKAFAB, Third-Party POS Installment Financing Platforms. Its NAICS code is 522210 and its SIC code is 6141.