Affirm, the online lending platform known for its 'Buy Now, Pay Later' (BNPL) services, is partnering with FIS, a leading financial technology company, to bring its innovative debit card functionality to banks and their customers.
Affirm , the online lending platform founded by PayPal co-founder Max Levchin, is expanding its reach in the financial services sector. After successfully launching its own debit card in 2021, which offers users the flexibility to pay in installments, Affirm is now partnering with FIS , a leading financial technology company, to bring this innovative service to banks and their customers.
This collaboration marks a significant milestone for Affirm as it ventures beyond its traditional credit-focused offerings and enters the debit market in a more widespread manner.The new agreement will allow any bank that works with FIS to integrate Affirm's pay-over-time functionality into their existing debit card offerings. This means consumers won't have to switch to a new card to enjoy the benefits of Affirm's installment plans. They can continue using their existing debit cards and choose to pay for eligible purchases in biweekly or monthly installments, with the payments automatically deducted from their checking accounts. Affirm's expansion into the debit market is a strategic move that aims to provide consumers with more alternatives to credit and capitalize on the vast number of debit card users in the United States.Affirm's debit card has already gained traction, boasting 1.7 million active users as of last week, a significant increase of over 136% compared to the previous year. This growth highlights the consumer demand for flexible payment options and the potential of Affirm's innovative approach. With its extensive network of over 335,000 merchants, spanning various industries from travel and entertainment to retail and electronics, Affirm is well-positioned to leverage this partnership and further expand its reach within the banking sector. Affirm's recent financial performance, including better-than-expected quarterly revenue and a surprise profit during the holiday period, has also fueled investor confidence and contributed to the positive market response to this announcement
Affirm Debit Card BNPL FIS Financial Technology
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tech stocks mixed as Meta, Microsoft affirm big AI spending plans after DeepSeek turmoilKey tech stocks were a mixed bag in early trading Thursday after executives at Meta and Microsoft said they plan to keep pouring billions of dollars into AI – despite lingering anxiety over the lau…
Read more »
Affirm's CEO said he helped staff pack boxes during layoffsBusiness Insider tells the global tech, finance, stock market, media, economy, lifestyle, real estate, AI and innovative stories you want to know.
Read more »
Affirm Surpasses Expectations with Strong Q2 Revenue GrowthAffirm, a leading buy now, pay later provider, announced better-than-expected fiscal second-quarter results, driven by robust GMV growth and a commitment to profitability. Shares surged following the report.
Read more »
Wall Street Movers: Affirm Soars, Tesla Dips, Pinterest SurgesShares of Affirm Holdings jump after beating earnings and revenue expectations, while Tesla stock dips on declining China sales. Pinterest surges on strong quarterly results. Amazon shares fall on weaker-than-expected guidance.
Read more »
Affirm Shares Soar on Strong Holiday Performance and Surprise ProfitAffirm's shares jumped 16% after the company reported better-than-expected revenues and a surprise profit during the holiday shopping season. Gross merchandise volume reached a record high of $10.1 billion, driven by strong performance in general merchandise and consumer electronics. The company also exceeded revenue expectations and achieved a profit per share, signaling a positive financial outlook.
Read more »
Capital One Outage Enters Second Day, Disrupting Customer AccessA power outage impacting a Fidelity Information Services (FIS) data center has caused a second-day outage for Capital One customers, preventing access to deposits, payments, and transfers. FIS attributes the outage to a local power failure affecting a critical data center. While FIS reports restoring access to applications, Capital One acknowledges ongoing issues, including problems with mobile device access and fraud alerts.
Read more »