Max Levchin, co-founder of PayPal and Affirm
David Paul Morris|Bloomberg|Getty Images
Fintech lending institution Affirm stated Tuesday that it’s reached a contract with JPMorgan Chase to provide its buy now, pay later on loan services to merchants on the bank’s payments network.
U.S. merchants who utilize JPMorgan to deal with payments can now include Affirm to their checkout pages, according to a release. Customers will have access to loans varying from 1 month to 60 months, according to Affirm.
The offer follows a comparable statement from competing Klarna last month, in which the Swedish fintech stated it would be readily available to JPMorgan’s merchants. Affirm and Klarna are significantly going head to head as the buy now, pay later on field grows in the U.S.; Affirm is openly traded and looking for to dependably grow earnings, while Klarna just recently applied for a U.S. IPO.
” The need for varied payment choices, versatility, and smooth deals from both merchants and their consumers is at an all-time high,” Michael Lozanoff, international head of merchant services at J.P. Morgan Payments, stated in the release.
” By including Affirm as a payment approach into our Commerce Platform, we are empowering services to provide the services they require and the experiences that consumers significantly anticipate as part of their retail journey,” he stated.
Affirm stated the offer was a growth of existing banking and processing relationships with JPMorgan, the biggest U.S. bank by possessions.