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July 22, 2020, 10:49 a.m. EDT

Shopify inks deal with Affirm, a buy-now-pay-later financing service for credit-card users

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By Jon Swartz

Shopify Inc. /zigman2/quotes/209033712/composite SHOP +2.84% on Wednesday said it has selected Affirm, a buy-now-pay-later (BNPL) financing service for credit-card users, to exclusively power Shop Pay Installments when it launches later this year. Terms were not disclosed. Affirm, founded by PayPal Holdings Inc. /zigman2/quotes/208054269/composite PYPL +2.49% co-founder Max Levchin, has seen a 40% increase in merchant signings from March 1 to April 30, compared to the first two months of the year. Among the 6,000 merchants who use it are Walmart Inc. /zigman2/quotes/207374728/composite WMT +0.90% and Peloton Interactive Inc. /zigman2/quotes/208035743/composite PTON -0.43% . "This is one giant leap to make our service ubiquitous," Levchin told MarketWatch in a phone interview Wednesday. "This has changed the game. The BNPL market is on a tear."

/zigman2/quotes/209033712/composite
US : U.S.: NYSE
$ 954.25
+26.36 +2.84%
Volume: 2.49M
Sept. 22, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$111.91 billion
Rev. per Employee
$268,307
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/zigman2/quotes/208054269/composite
US : U.S.: Nasdaq
$ 187.78
+4.57 +2.49%
Volume: 8.94M
Sept. 22, 2020 4:00p
P/E Ratio
86.17
Dividend Yield
N/A
Market Cap
$214.96 billion
Rev. per Employee
$710,138
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/zigman2/quotes/207374728/composite
US : U.S.: NYSE
$ 138.31
+1.24 +0.90%
Volume: 11.03M
Sept. 22, 2020 4:00p
P/E Ratio
22.04
Dividend Yield
1.56%
Market Cap
$388.42 billion
Rev. per Employee
$223,654
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/zigman2/quotes/208035743/composite
US : U.S.: Nasdaq
$ 94.39
-0.41 -0.43%
Volume: 43.46M
Sept. 22, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$27.37 billion
Rev. per Employee
N/A
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