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AFFIRM HOLDINGS, INC.

(AFRM)
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Apple, Affirm to launch buy-now-pay-later program for Canadian purchases - Bloomberg News

08/03/2021 | 05:03pm EDT

Aug 3 (Reuters) - Apple Inc and Affirm Holdings Inc's PayBright are planning to launch a "buy now, pay later" program for Apple device purchases in Canada, Bloomberg News reported, allowing people to pay for iPhone, Mac, and iPad over 12 to 24 months.

In the United States, Australia and Europe, buy now, pay later is marketed as an alternative to credit cards. The service has soared in popularity during the pandemic as consumers seek other options to make purchases that are easier on their wallets.

On Monday, Square Inc, the payments firm of Twitter Inc co-founder Jack Dorsey, said it would acquire buy now, pay later pioneer Afterpay Ltd for $29 billion, creating a transactions giant that will battle banks and tech firms in the financial sector's fastest-growing business.

Square's deal for Afterpay would allow it to compete with PayPal Holdings Inc and unlisted Swedish startup Klarna Inc, which was worth $46 billion in its last fundraising in June.

Apple and Affirm plan to debut the program this month at Apple stores in Canada, Bloomberg reported, citing a message sent to Apple retail employees in the region.

The service will let iPhone, Mac and iPad buyers in Canada pay for purchases over 12 or 24 months instead of in-full at the time of the transaction, according to the Bloomberg report.

Apple did not immediately respond to a Reuters request for comment and Affirm declined to comment.

Last month, Bloomberg reported that Apple was working on a service to let shoppers pay for purchases in installments and it would use Goldman Sachs Group Inc as the lender for the loans made through Apple Pay.

(Reporting by Noor Zainab Hussain and Ankur Banerjee in Bengaluru; Editing by Maju Samuel and Shinjini Ganguli)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AFFIRM HOLDINGS, INC. 5.51% 114.07 Delayed Quote.0.00%
AFTERPAY LIMITED -0.38% 126.23 End-of-day quote.6.97%
APPLE INC. 1.69% 145.85 Delayed Quote.9.92%
PAYPAL HOLDINGS, INC. 1.06% 272.34 Delayed Quote.15.07%
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Analyst Recommendations on AFFIRM HOLDINGS, INC.
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Financials (USD)
Sales 2022 1 198 M - -
Net income 2022 -190 M - -
Net Debt 2022 449 M - -
P/E ratio 2022 -107x
Yield 2022 -
Capitalization 31 013 M 31 013 M -
EV / Sales 2022 26,3x
EV / Sales 2023 18,5x
Nbr of Employees 1 641
Free-Float 50,5%
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Technical analysis trends AFFIRM HOLDINGS, INC.
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TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 11
Last Close Price 114,07 $
Average target price 114,18 $
Spread / Average Target 0,10%
EPS Revisions
Managers and Directors
Max R. Levchin Chairman & Chief Executive Officer
Michael Linford Chief Financial Officer & Secretary
Libor Michalek Director & President-Technology
Jeremy Liew Independent Director
Jeremy G. Philips Independent Director
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