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