BNPL platforms are pushing themselves into the mainstream each day — the latest being US-based player Affirm (AFRM). Two days ago, the company announced plans to launch a debit card that’ll allow customers to use the BNPL service beyond Affirm’s virtual platform. With a physical card, customers will have the capability to pay for purchases either through their own bank account or in installments (like BNPL).
Affirm isn’t stopping there as it’s also set to allow customers to buy and sell cryptocurrencies through its app — a sign that the firm is looking to shake off its BNPL tag and expand to new horizons. With FinTech companies increasingly on the rise and pushing out traditional banks, Affirm is no different as it has its sights set on conglomerate status.
Why it matters
Since Affirm’s January IPO, its stock has risen by 142%, leading to a $32b market cap. But with many traditional players and startups catching onto the BNPL space, Affirm’s key goal would be to expand before saturation — which it seems like it’s doing.
