BNPL giant Affirm lands in the UK

Editorial

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Based in 2012 and publicly listed since 2021, Affirm has processed greater than $75 billion in transactions within the US and Canada over the past 5 years.

Now, the FCA-authorised and controlled lender is touchdown within the UK, initially providing its interest-free and interest-bearing month-to-month fee choices.

The corporate stresses that, whereas almost one quarter of BNPL within the UK had been charged late charges in 2023, it doesn’t have any late charges or hidden prices and underwrites each particular person transaction earlier than making a real-time credit score resolution.

Flight reserving web site Various Airways and fintech and funds processor Fexco are onboard as UK launch companions, with extra manufacturers anticipated to observe.

Max Levchin, CEO, Affirm, says: “We all know that UK customers are savvy consumers who recognize upfront, no-nonsense merchandise. We sit up for providing them accountable credit score choices that really put customers first and dealing collaboratively with our UK companions to reveal how sincere finance is nice enterprise.”

Affirm can be beefing up its UK workforce, which at present stands at 30 individuals, led by VP and nation supervisor Ruth Spratt.

Poppy Gustafsson, Minister for Funding, says: “We’re proud to have Affirm set up a presence and open for enterprise within the UK. Their substantial funding won’t solely assist create tech-savvy jobs however underscores their confidence within the UK financial system.”

The launch comes lower than two years after Affirm quit the Australian market and forward of latest UK guidelines for the sector.

Earlier this month, the federal government launched a consultation on its proposals, which is able to carry corporations beneath the supervision of the FCA and apply the Client Credit score Act, making certain customers obtain clear info, keep away from unaffordable borrowing, and have robust rights when points come up.