Affirm Holdings, Inc. (NASDAQ: AFRM), the payment network that empowers consumers and helps merchants drive growth, announced that it has expanded its partnership with Adyen, the global financial technology platform for businesses.
The partnership makes Affirm the Buy Now, Pay Later (BNPL) provider to support Adyen for Platforms, a payment solution for platform businesses, and brings additional payment options to Adyen merchants in Canada.
Introduced back in November of 2020, the partnership between Affirm and Adyen began by making Affirm available to “eligible” Adyen merchants in the U.S., online and in-store via Adyen’s physical payment terminals.
With the agreement, Affirm will be available to customers of Adyen for Platforms, which include peer-to-peer marketplaces, “on-demand services, crowdfunding platforms.”
Additionally, Adyen merchants in Canada will access a wider range of Affirm’s offerings, delivering “monthly installments alongside the existing biweekly payment option.”
With Affirm, approved consumers can choose from a range of customized payment plans – from six weeks to 36 months, and for “as low as 0% APR – and will never owe a penny in late or hidden fees.”
This milestone in Affirm and Adyen’s relationship follows the growth the partnership has experienced since launch with average annual volume increasing by “more than seven times from 2021 to 2023.”
Davi Strazza, president of Adyen North America said:
“The opportunity for platforms to embed payments and financial services is incredible — a game-changing $185 billion market opportunity for SaaS platforms, according to our research with Boston Consulting Group. Together with Affirm, we’re unlocking greater flexibility for consumers across the U.S. and Canada.”
Merchants and their customers are “reaping the benefits” of Affirm and Adyen’s partnership.
Since integrating with Affirm, AffiniPay, an Adyen partner that is a provider of practice management software, integrated payments and embedded fintech for professionals, has processed “over $125 million in payments with Pay Later.”
Pay Later is AffiniPay’s legal fee financing solution powered by Affirm and exclusively available “through their legal payments software, LawPay.”
Dru Armstrong, Chief Executive Officer of AffiniPay:
“By partnering with market leaders like Adyen and Affirm, we are able to continuously exceed expectations for our customers.”
Wayne Pommen, Chief Revenue Officer of Affirm said:
“Deepening our partnership with Adyen — and continuing to build out an unparalleled network of payment partners – will further expand Affirm’s reach so that more consumers, merchants and platforms can benefit from our honest financial products.”
Offering Affirm at checkout can help businesses drive overall sales, “increase average order value, and reach new customers.”
Affirm’s mission is to deliver “honest” financial products that “improve lives.”
By building a payment network – one based on trust, transparency and putting people first – they aim to empower consumers to spend and save responsibly, and give businesses the tools to “fuel growth.”
Unlike credit cards and other pay-over-time options, they claim to “never charge any late or hidden fees.”
As covered, Adyen is the financial technology platform for companies. By providing payments capabilities, insights, and financial products in a single solution, Adyen helps businesses achieve their targets faster.
With offices across the globe, Adyen works with Meta, Uber, H&M, and eBay.