ARTHUR GOLDSTUCK: Credit evolves as buy-now-pay-later becomes an industry

SA boasts its own BNPL market, with a number of players installing themselves between the customer and the checkout

11 October 2020 - 00:01 By Arthur Goldstuck

In September, two financial services start-ups in different parts of the world pulled in more than $1bn in funding for the next big thing in credit.

It’s called “buy now pay later” and has its own consensus acronym — BNPL — as if it is an industry sector all on its own. Certainly, its time has come. As online shopping booms worldwide, retailers and consumers alike are looking for flexible payment options. California-based BNPL leader Affirm added funding of $500m to investments of $800m made previously, while Swedish firm Klarna raised $650m in an equity funding round. Its valuation of $10,65bn makes it the most valuable private “fintech” company in Europe...

This article is reserved for Sunday Times subscribers.

A subscription gives you full digital access to all Sunday Times content.

Already subscribed? Simply sign in below.

Registered on the BusinessLIVE, Business Day or Financial Mail websites? Sign in with the same details.

Questions or problems? Email or call 0860 52 52 00.