Affirm, the U.S. buy now, pay later firm, on Monday launched its services in the U.K. — its first expansion overseas.
Affirm, the U.S. buy now, pay later firm, on Monday launched its services in the U.K. — its first expansion overseas.
Affirm, which is authorised by the Financial Conduct Authority, said its U.K. offering will include interest-free and interest-bearing monthly payment options. Interest on its plans will be fixed and calculated on the original principal amount, meaning it won't increase or compound.The company's expansion to the U.K. marks the first time it is launching in a market outside the U.S. and Canada.
"There are lots of competitors here who are doing a sensible job serving the market. But when we started doing merchant outreach, just to find out locally, is the market saturated? Does everybody feel well served?" Levchin said."We got such an enormous amount of market pull. It kind of sealed the deal for us."Competition is fierce in the U.K. financial technology space.
Among the key measures the government is considering, is plans to require BNPL providers to provide clear information to consumers, ensure people aren't paying more than they can afford, and give customers rights for when issues arise.
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