US buy now, pay later giant Affirm launches in the UK

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A US buy now, pay later giant run by a co-founder of PayPal has launched in the UK, as its boss sets his sights on the market led by brands like Klarna and ClearPay. “So longer-term products like six, nine, or 12 months are valuable especially for more considered purchases… if you’re buying a couch, or a fridge, or a household appliance, it doesn’t help very much to have a very short repayment plan.” Affirm does not charge fees for consumers who do not make payments on time, which the boss said sets it apart from rivals and will build brand recognition. “We do not make any money if the consumer is late, by design,” the chief executive told PA. “I think lots of places are doing it wrong and we’re very proud that we do it right.” Buy now, pay later borrowers do not have access to some protections provided by other consumer credit products. Poppy Gustafsson, the minister for investment, said the “substantial investment” from Affirm’s launch “will not only help create tech-savvy jobs but underscores the confidence in the UK economy”.