‘Buy now, pay later’ group Affirm launches in the UK

Quick Summary:

Spending on BNPL purchases grew 18 per cent last year to hit $316bn, according to payments processor Worldpay and accounted for 7 per cent of all UK ecommerce transactions.

BNPL lenders are increasingly diversifying into interest-bearing products as higher interest rates are putting pressure on their business model.

The Nasdaq-listed fintech is rolling out interest-free and interest-bearing loans with monthly payment plans from Monday, following soaring popularity for BNPL borrowing.

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Article Details

Author / Journalist: Akila Quinio

Category: MarketsFinanceInvesting

Markets: United States

Topics: Levchin Credit Affirm Bnpl Interest-bearing Lenders Financial Interest Cent Loans Fees

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-04 @ 00:01:00 (2 weeks ago)

News Timezone: GMT -5:00

News Source URL: ft.com

Language: English

Article Length: 688 words

Reading Time: 4 minutes read

Sentences: 25 lines

Sentence Length: 28 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Financial Times

News ID: 23386705

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About Financial Times

Main Topics: MarketsFinanceInvesting

Official Website: ft.com

Update Frequency: 10 posts per day

Year Established: 1888

Headquarters: United States

News Last Updated: 8 hours ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

Content Availability: Worldwide

News Language: English

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API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #3

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