Affirm stock skyrockets 40% on news Amazon to partner with buy now, pay later fintech company
ended the regular trading day down 3%. Amazon.com shares
were flat after ending the trading session up 1%.
“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.
Also earlier this month, Square
said it planned to buy Affirm’s rival Afterpay in a $29 billion deal.
Affirm went public in January, raising at least $1.2 billion, and one of its biggest clients is Peloton Interactive Inc.
The stock has lost 25% since then, however.