Affirm and Stripe expands partnership into Canada

Affirm (NASDAQ: AFRM) announced an expansion of its partnership with Stripe. The announcement made on 13th April indicated that Affirm’s Adaptive Checkout option will be available to eligible Stripe users in Canada. This will allow platforms and merchants to integrate the buy now, pay later (BNPL) payment option in their checkout experience in a seamless and fast manner.

Affirm-Stripe partnership

Affirm is one of the fastest-growing companies within the BNPL industry. The US-based publicly traded firm operates with a mission to empower customers while assisting merchants to boost growth.

In May 2022, Stripe partnered with Affirm in a move that had the latter company’s Adaptive Checkout offering available to Stripe users within the US. The product uses Affirm’s smart decision engine for an underwriting decision in real-time. Subsequently, the customer can enjoy an optimized bi-weekly or monthly installment option.

By offering Affirm at checkout, Stripe seeks to assist users to drive overall sales, increase the rate of customer repurchases, and boost the average order value. For instance, enterprises that include Affirm on Stripe record increased average order value by about 41% compared to their previous payment options.

Stripe’s Product Lead for Payment Methods, Sophie Sakellariadis stated, “Stripe has been powering Canadian businesses since 2012 and our work with Affirm will help them continue to scale and adapt with changing consumer preferences. By adopting Affirm, we’ve seen Stripe users boost their average order value with flexible payment plans”.

Stripe has become one of the over 240,000 platforms and merchants that offer Affirm’s payment options. This includes partnerships with the likes of Samsung, Apple, Browns Shoes, and Hudson’s Bay in Canada.

With the expansion of the Stripe-Affirm partnership into Canada, eligible Stripe users will be able to offer an array of payment options to their customers. The payment period may range from 6 weeks to 36 months with as low as 0% APR. Besides, with Affirm, the customer does not incur any hidden charges or late fees.