Affirm, the U.S. buy now, pay later firm, on Monday launched its services in the U.K. — its first expansion overseas.
Affirm, the US buy now, pay later firm, on Monday launched its services in the UK — its first expansion overseas.
PayPal Inc. co-founder and Affirm’s CEO Max Levchin on center stage during day one of Collision 2019 at Enercare Center in Toronto, Canada.Founded in 2012, Affirm is an American fintech firm that offers flexible pay-over-time payment options. The company says it underwrites every individual transaction before making a lending decision, and doesn't charge any late fees.
Among the first merchants offering Affirm as a payment method in the U.K. are Alternative Airlines, the flight booking website, and payments processing firm Fexco. Affirm said it expects to onboard more brands over the coming months. "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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