Financial firms are building new businesses from the layers beneath their products

Major financial players like SoFi and Intuit are shifting their business models in ways that will change how retailers access and offer financing tools. Instead of just being lenders or software providers, these companies are turning their internal technology—like payment processing and credit engines—into products that other businesses can plug into. This move toward 'modular' finance means that even smaller retailers will soon have access to the same high-level financing technology that big-box stores use. For example, SoFi is moving beyond student loans to become a tech provider for other banks and brands through its Galileo platform. This makes it easier for non-financial companies to offer branded credit products or integrated payment solutions without building the tech from scratch. Meanwhile, Intuit’s new partnership with Perplexity AI suggests a future where your accounting software doesn't just track sales, but actively suggests the best financing options for your customers using real-time data. For the average merchant, this means more competition among lenders and more seamless ways to integrate 'Buy Now, Pay Later' or revolving credit directly into your checkout flow. You are no longer tethered to a single bank's rigid ecosystem; you can now pick and choose the best 'layers' of financial tech to fit your specific customer base.

Source: Tearsheet

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