Affirm Holdings Shares Jump After Agreement Extension with Shopify
May 13, 2022 By MarketDepth
Affirm Holdings, Inc. (NASDAQ: AFRM) shares jumped about 30% Friday after the platform for digital and mobile-first commerce operator reported a multi-year extension of its partnership in the U.S. with Shopify, a provider of essential internet infrastructure for commerce. The agreement strengthens Affirm’s position as the exclusive pay-over-time provider for Shop Pay Installments in the U.S.
“Last year, we chose to partner with Affirm in the U.S. due to their technology and expertise in buy now, pay later solutions, and their commitment to transparency and never charging late or hidden fees. As we extend our partnership with Affirm in the U.S., we look forward to helping our merchants deliver even more flexibility and choice to their buyers, while increasing conversion, driving higher average cart sizes and faster checkouts that reduce cart abandonment.”Shruti Patel, Director of Product Partnerships at Shopify
In connection with the extended agreement, all eligible U.S. merchants offering Shop Pay Installments will have access to Affirm’s Adaptive Checkout™, a first-of-its-kind product in the U.S., which dynamically offers biweekly and monthly payment options side-by-side in a single integrated checkout.
“Together with Shopify, we set out to build a custom payment option that would help Shopify merchants of all sizes accelerate growth, while empowering their millions of buyers with a transparent and flexible way to pay. Since its launch in June 2021, Shop Pay Installments has done just that, enabling buyers to split a total purchase amount into four interest-free bi-weekly payments at checkout. Now we’re bringing even more options to Shopify’s merchants and their customers by serving a broader range of transactions with a wider-range of payment schedules available to their U.S. network.”Silvija Martincevic, Chief Commercial Officer at Affirm