Affirm launches pay-over-time options in UK

Posted by Admin November 4, 2024 Bussiness

Affirm will initially provide UK consumers interest-free and interest-bearing monthly payment options. Credit: Wirestock Creators/Shutterstock.

Payment network Affirm has announced the UK launch of its flexible and transparent pay-over-time options.

This expansion into the UK market adds to Affirm’s existing presence in the US and Canada. where it has built a network of 50 million consumers and over 300,000 active merchants, including major brands such as Amazon and Walmart.

Affirm will initially offer its interest-free and interest-bearing monthly payment options to UK consumers. The interest, if any, is fixed and calculated on the original principal amount.

Affirm UK is authorised as well as regulated by the Financial Conduct Authority, ensuring compliance with local regulations.

The company’s UK launch partners include flight booking site Alternative Airlines, and Fexco, an international fintech and payments processor.

Eligible customers of Alternative Airlines can now use the monthly payment plans of Affirm for flight purchases, while Fexco’s international clients with a presence in the UK can integrate it as a payment option.

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Affirm founder and CEO Max Levchin said: “Affirm was founded on the premise of putting people first and empowering consumers to take greater control over their finances.

“Building on our leadership in the US and Canada, where we partner with top retailers and commerce platforms, we see a significant opportunity to extend our mission of building honest financial products to the UK.

“We know that UK consumers are savvy shoppers who appreciate upfront, no-nonsense products. We look forward to offering them responsible credit options that truly put consumers first and working collaboratively with our UK partners to demonstrate how honest finance is good business.”

With a global workforce of over 2,000, Affirm has more than 30 employees in the UK and is planning to expand its UK-based team this year.

Its UK operations are under the leadership of Ruth Spratt, vice president and country manager.

The company, which has been publicly traded on NASDAQ since 2021, provides approved consumers with the ability to split the total cost of purchases into manageable payments, without the burden of late fees or hidden charges.

In May 2022, WooCommerce partnered with Affirm, allowing its merchants to offer consumers payment plans through the latter.