Affirm, the leading payment network empowering consumers and helping merchants drive growth, has officially launched its pay-over-time options in the UK, continuing its global expansion.
Affirm’s entry into the UK market aligns with its mission to provide consumers with responsible, transparent financial options, according to FF News.
With a growing demand in the UK for buy now, pay later (BNPL) services that avoid late fees and hidden charges, Affirm sees a significant opportunity to offer its “honest finance” solution to British consumers and merchants.
Affirm provides an alternative to traditional credit cards and other BNPL products by allowing customers to break down purchases into manageable, monthly payments. Each transaction is underwritten individually, ensuring customers’ ability to repay, and affirming the company’s focus on responsible credit extension.
Globally, it supports over 300,000 merchants, including major brands like Amazon, Shopify, and Walmart, and has built a network of 50 million consumers.
The UK launch brings Affirm’s interest-free and interest-bearing monthly payment options to British consumers, with fixed interest calculated solely on the principal amount, ensuring no compounding or increasing interest over time.
Customers will always have full visibility of their repayment terms before committing. Affirm UK Limited is authorised and regulated by the Financial Conduct Authority, underlining its commitment to transparency and responsible lending.
Affirm’s UK rollout includes partnerships with Alternative Airlines, a leading online flight booking site, and Fexco, a global FinTech and payments processor.
Alternative Airlines’ customers can now choose Affirm at checkout and select monthly payment options if eligible, while Fexco’s UK-based clients can easily integrate Affirm’s solutions.
These partnerships highlight Affirm’s goal to provide a seamless payment experience in diverse sectors, and Affirm anticipates adding more UK and international partners in the near future.
This expansion marks a major milestone for Affirm, which has processed over $75bn in transactions over the past five years.
The company also plans to bolster its UK team, which currently comprises 30 employees, with additional hiring throughout 2024.
UK employees will benefit from flexible working arrangements, similar to their international colleagues, with regular in-person team meetings.
Affirm’s UK operations are spearheaded by Ruth Spratt, vice president and country manager, who brings over 25 years of leadership experience across payments, media, and travel.
Spratt will lead the company’s efforts to expand merchant partnerships and ensure regulatory compliance in the UK.
Commenting on the UK launch, Ruth Spratt said, “There are many brilliant businesses in the UK that make this country what it is – and we can’t wait to start working with them. The UK’s open economy, mature consumer market, and world-class talent make it the perfect place for the next phase of Affirm’s journey.”
CEO Max Levchin reiterated Affirm’s consumer-centric approach, stating, “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.”
Additional UK officials praised Affirm’s expansion. Minister for Investment Poppy Gustafsson remarked, “We are proud to have Affirm establish a presence and open for business in the UK. Their substantial investment will not only help create tech-savvy jobs but underscores their confidence in the UK economy. This government is laser-focused on supporting business growth and expansion.”
Niall Mackenzie, His Majesty’s Trade Commissioner for North America, said, “We are proud to have Affirm bring its world-class financial payments platform to UK consumers. Their convenient and transparent credit offering – trusted by millions of consumers in the US and Canada – will offer UK consumers more payment choice and flexibility.”
With these partnerships and expansion plans, Affirm aims to empower UK merchants to better serve their customers and help British consumers gain responsible payment options.
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