Buy now, pay later (BNPL) fintech specialist Affirm has acquired Returnly, a software provider that helps to manage returns for the retailers, for $300M in a cash-and-stock deal.
WHO ARE THE PARTIES TO THE DEAL?
- Returnly: California-based Returnly provides store credits to customers upon initiating a return. The platform has served over 1,800 businesses and has processed more than $1B in returns to date. More than 8M customers have used its platform.
- Affirm: San Francisco-based fintech company Affirm offers installment loans to consumers for point-of-sale purchases. Affirm reported a revenue of $510M for the fiscal year ending June 2020 and a net loss of $113M. The company reported 4.5M active customers as of December 2020, a 52% year-over-year increase. In January 2021, Affirm went public on the Nasdaq with a valuation of $12B.
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The post Affirm Acquires Returnly For $300M To Expand Beyond Buy Now, Pay Later appeared first on CB Insights Research.