A less-than-one-year-old Houston software startup catering to plastic surgeons, medical spas, dermatologists, and similar businesses is making a major play.
RepeatMD, founded in December 2020, is expanding into the "buy now, pay later" fintech realm through a new deal with BTL Industries, a Marlborough, Massachusetts-based provider of body-sculpting equipment.
RepeatMD's new Medical Gym function enables customers treated with BTL equipment to finance add-on enhancement and maintenance packages through "buy now, pay later" (BNPL) arrangements. BNPL is a booming sector. The size of the global BNPL market approached $90.7 billion in 2020 and is projected to come close to $4 trillion by 2030, according to Allied Market Research.
RepeatMD essentially layers the Medical Gym's BNPL functionality on top of the rewards feature of its apps.
Chris Chomenko, vice president of sales at RepeatMD, says the startup already had been working on a BNPL offering when BTL approached the RepeatMD team about creating a BNPL product. RepeatMD and BTL share many of the same clients.
"We are rolling out with them nationally at a breakneck speed because the demand they have from their client base is so high," Chomenko says. "It's kind of forcing us to do in three months what we planned on doing in three years."