Affirm and Shopify Expand Pay-Later Pact to Canada and UK

Core Insights - Affirm has expanded its partnership with Shopify, becoming the exclusive pay-over-time provider for Shopify's Shop Pay Installments program in the U.S. and Canada, with plans to enter the U.K. market [1][2] Company Developments - Shopify's COO emphasized the success of the partnership with Affirm in the U.S. and the intention to extend this value to merchants in Canada and the U.K. [2] - Affirm's CEO highlighted the growth potential of Shop Pay Installments, which has been beneficial for millions of consumers in the U.S. [4] Product Offerings - Eligible Shopify merchants in Canada will soon offer Shop Pay Installments powered by Affirm, allowing customers to make payments in customized biweekly or monthly installments [3] - Shop Pay Installments has been utilized by millions of customers since its launch in 2021 [3] Financial Performance - Affirm reported a 47% increase in revenues to $866 million, driven by a strong holiday shopping season and the growing adoption of BNPL options [4] - The company is on track to achieve positive operating income within five months, indicating significant progress [5] Industry Trends - Research indicates that 56% of consumers used installment payment options in the past year, showcasing the growing popularity of BNPL compared to traditional credit cards [6] - Among various pay-later offerings, BNPL users reported high satisfaction, with 76% expressing strong contentment with their experiences [7]