Affirm expands buy now, pay later service to the UK, heating up local competition
Published On Nov 3, 2024, 7:01 PM
Affirm has officially launched its buy now, pay later (BNPL) service in the UK, marking its first international expansion. The company aims to cater to a growing demand from UK merchants, offering interest-free and interest-bearing payment options. Affirm's entry into the UK comes at a time when the local government is considering regulations for the BNPL sector. Affirm's CEO, Max Levchin, stated that the UK market presents vast opportunities despite the existing competition from firms like Klarna and PayPal, emphasizing their commitment to pro-consumer practices.
Stock Forecasts
AFRM
Positive
Affirm's expansion into the UK is a strategic move to tap into a significant market and meet a rising demand among merchants. While there is existing competition, Affirm's differentiated offerings, which include longer payment periods and no late fees, could help attract customers and merchants alike. However, potential regulatory changes could impact the business landscape for BNPL services. Overall, sentiment around this expansion appears positive as it marks a significant milestone for Affirm's growth strategy as a global player.
Related News
Klarna CEO says a European tech brain drain is ‘number one risk’ for company ahead of IPO
Oct 3, 2024, 6:00 AM
Klarna boss Sebastian Siemiatkowski said unfavorable share-based compensation rules in Europe could cause employees to flock to U.S. tech companies.
Affirm founder: We want to be the modern American Express
Sep 12, 2024, 6:16 PM
Affirm matures as a public company.