Affirm (NASDAQ: AFRM), the payment network that empowers consumers and helps merchants drive growth, and Shopify, a provider of internet infrastructure for commerce, announced an expanded agreement.
The renewed partnership cements Affirm’s position “as the pay-over-time provider for Shop Pay Installments in the U.S.”
It extends this exclusivity into Shopify’s home market of Canada and enables the partnership “to continue growing into new markets worldwide, with plans to enter the U.K. on the horizon.”
Kaz Nejatian, COO of Shopify said:
“Given the success of our long-standing partnership with Affirm in the U.S., bringing them to our merchants internationally is a no brainer. Affirm’s premier technology, world-class team, and commitment to transparency make them a natural fit to continue supporting merchants in the Shopify ecosystem, and we look forward to bringing this same value to our merchants in Canada, the U.K., and beyond.”
Over the coming months, eligible Shopify merchants in Canada will “be able to seamlessly offer Shop Pay Installments powered by Affirm at checkout.”
Approved customers will be able to “choose from customized biweekly and monthly payment plans, with rates as low as 0% APR, term lengths up to 24 months, and no late or hidden fees.”
Since its launch in 2021, Shop Pay Installments has been adopted, with consumers using the payment option “across Shopify’s extensive merchant network in the U.S.”
Affirm’s mission is to deliver “honest financial products that improve lives.”
By building a new kind of payment network – one based on trust, transparency and putting people first – they aim to “empower consumers to spend and save responsibly, and give thousands of businesses the tools to fuel growth.”
Unlike most credit cards and other pay-over-time options, we never charge any late or hidden fees.
Shopify is the global commerce company that provides internet infrastructure for commerce, “offering trusted tools to start, scale, market, and run a retail business of any size.”
Shopify claims it makes commerce better for everyone with a platform and services that are “engineered for speed, customization, reliability, and security, while delivering a better shopping experience for consumers online, in store, and everywhere in between.”
Shopify supports businesses in more than 175 countries and is “trusted by brands such as BarkBox, Vuori, BevMo, Carrier, JB Hi-Fi, Meta, ButcherBox, SKIMS, Supreme.”
