Affirm Holdings Inc. shares jumped 40% in the after-hours session Friday after the fintech company said it has partnered with Amazon.com Inc. to allow a pay-over-time option at Amazon’s checkout.
“Select” Amazon customers will have the option to split the total cost of purchases of $50 or more, and Amazon plans to make Affirm available to more customers “in the coming months,” Affirm said.
Amazon “is always looking to add flexible payment options, and Affirm does just that” with no late or hidden fees, an Amazon.com spokesperson said Friday.
“Buy now, pay later” companies such as Affirm offer a twist on the old layaway plan, allowing consumers to buy in installments and charging them either simple interest or no interest at all and with instant access to what they bought.
The stock has lost 25% since then, however.
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