Insightful Word
  • Investing
  • Stock
  • Economy
  • Politics
  • Investing
  • Stock
  • Economy
  • Politics
No Result
View All Result
Insightful Word
No Result
View All Result
Home Investing

Affirm enters UK market, bringing competition to buy now, pay later landscape

admin by admin
November 4, 2024
in Investing
0
Affirm enters UK market, bringing competition to buy now, pay later landscape
0
SHARES
3
VIEWS
Share on FacebookShare on Twitter

Affirm, the American “buy now, pay later” (BNPL) firm, launched its services in the United Kingdom on Monday, marking the company’s first foray outside North America.

Founded in 2012, Affirm is well-regarded in the fintech space for providing flexible payment plans and has quickly gained traction with consumers seeking alternatives to traditional credit.

In its UK offering, Affirm provides both interest-free and interest-bearing monthly installment plans, with interest fixed on the original loan amount to prevent compounding.

Affirm emphasizes consumer-friendly practices, including underwriting each transaction individually and foregoing late fees entirely.

This expansion builds on Affirm’s partnerships with global giants like Amazon, Shopify, and Walmart.

The company now boasts over 50 million users and works with more than 300,000 merchants worldwide.

In the UK, Affirm has already partnered with Alternative Airlines and payments firm Fexco, with plans to onboard additional merchants in the coming months.

Affirm’s entry into the UK was a year in the making.

CEO Max Levchin shared that demand from UK merchants was a significant factor in the decision to expand there, citing the English-speaking market and strong interest as key motivators.

“It is a huge market… making it a great fit for the business,” CNBC quoted Levchin as saying, adding that expansion into non-English-speaking markets is on the horizon, though it may require more groundwork.

Levchin acknowledged the crowded BNPL market in the UK, where Affirm will compete against prominent players like Klarna, Clearpay (owned by Block), Zilch, and PayPal.

According to Levchin, Affirm’s approach sets it apart through options that allow customers to spread payments over extended periods—up to 36 months, a lengthier timeframe than many competitors offer.

Affirm’s UK launch also coincides with ongoing government discussions on potential regulation for the BNPL sector.

Proposed measures include mandating clear consumer information, ensuring affordability, and introducing protections for customers if issues arise.

Levchin expressed support for regulatory oversight, stating that Affirm’s consumer-first approach aligns well with these principles.

“Generally speaking, we welcome regulation that is thoughtful… but also knows how not to be too cumbersome on the end-customer,” he remarked, stressing the importance of easing consumer burdens.

Affirm’s UK launch follows months of dialogue with the Financial Conduct Authority (FCA), the UK’s financial regulatory body, which granted the firm authorization. Levchin credited Affirm’s “pristine reputation” for smoothing the regulatory process.

“We’ve never charged a penny of late fees… no deferred interest. We don’t do any sort of the anti-consumer stuff people struggle with,” he noted, emphasizing Affirm’s commitment to transparent and consumer-friendly practices that resonate with merchants and regulators alike.

The post Affirm enters UK market, bringing competition to buy now, pay later landscape appeared first on Invezz

Previous Post

Southwest, other airlines gear up for premium, but will it be enough to lift stocks?

Next Post

Liam Payne body moved from British cemetery in Buenos Aires on way to airport – cemetery source

admin

admin

Next Post
Liam Payne body moved from British cemetery in Buenos Aires on way to airport – cemetery source

Liam Payne body moved from British cemetery in Buenos Aires on way to airport – cemetery source

Trending News

$4.7B in Bitcoin options expire today: Is more volatility ahead?

$4.7B in Bitcoin options expire today: Is more volatility ahead?

February 28, 2025
Fifth Third Bancorp’s quarterly profit rises on fee income boost

Fifth Third Bancorp’s quarterly profit rises on fee income boost

January 21, 2025
China-linked stocks climb on bevy of stimulus measures

China-linked stocks climb on bevy of stimulus measures

September 27, 2024
Subscribe to Insightful Word


    Recent News

    ARB eyes recovery as Arbitrum taps agentic DeFi revolution with $1M grant

    ARB eyes recovery as Arbitrum taps agentic DeFi revolution with $1M grant

    June 5, 2025
    Ripple releases $2.18B in XRP, price dips 2%

    Ripple releases $2.18B in XRP, price dips 2%

    June 5, 2025
    Nintendo Switch 2 launch sees shortages as 2.2M vie for units in Japan

    Nintendo Switch 2 launch sees shortages as 2.2M vie for units in Japan

    June 5, 2025
    Why Bank of America sees 13% upside on Roblox (RBLX)

    Why Bank of America sees 13% upside on Roblox (RBLX)

    June 5, 2025

    Recent News

    ARB eyes recovery as Arbitrum taps agentic DeFi revolution with $1M grant

    ARB eyes recovery as Arbitrum taps agentic DeFi revolution with $1M grant

    June 5, 2025
    Ripple releases $2.18B in XRP, price dips 2%

    Ripple releases $2.18B in XRP, price dips 2%

    June 5, 2025

    Latest News

    • ARB eyes recovery as Arbitrum taps agentic DeFi revolution with $1M grant
    • Ripple releases $2.18B in XRP, price dips 2%
    • Nintendo Switch 2 launch sees shortages as 2.2M vie for units in Japan

    About Insightful Word

    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools
    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools

    Copyright © 2025 Insightfulword.com. All Rights Reserved.

    No Result
    View All Result
    • Investing
    • Stock
    • Economy
    • Politics

    Copyright © 2025 Insightfulword.com. All Rights Reserved.