Affirm drops on report Walmart-backed fintech begins buy now, pay later

Weave Communications

23/04/2024 13:38

** Affirm's  AFRM.O  shares down 7.7% premarket to $29.50,
nearly 5-mth low, after report Walmart-backed  WMT.N  fintech
startup introduces buy now, pay later (BNPL)
    ** WMT's majority owned ONE has begun offering BNPL loans
for big-ticket items at some of retailer's more than 4,600 U.S.
stores, CNBC reports
    ** Move puts One in direct competition with AFRM, the BNPL
leader and exclusive provider of installment loans for WMT
customers since 2019, per CNBC
    ** Through Mon close, AFRM's shares down 35% YTD, but have
nearly tripled over the past 12 months
    ** Meanwhile, AFRM has started quietly offering BNPL loans
for elective medical procedures, in major push beyond its core
e-commerce market, the co told Reuters

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))