Fintech lender Affirm said Tuesday that it\u2019s reached an agreement with JPMorgan Chase to offer its buy now, pay later loan services to merchants on the bank\u2019s payments network.<\/p>\n
U.S. merchants who use JPMorgan to handle payments can soon add Affirm to their checkout pages, according to a release. Consumers will have access to loans ranging from 30 days to 60 months, according to Affirm.<\/p>\n
The deal follows a similar announcement from rival Klarna last month, in which the Swedish fintech said it would be available to JPMorgan\u2019s merchants. Affirm and Klarna are increasingly going head-to-head as the buy now, pay later field matures in the U.S.; Affirm is publicly traded and seeking to steadily grow profits, while Klarna recently filed for a U.S. IPO.<\/p>\n
\u201cThe demand for diverse payment options, flexibility, and seamless transactions from both merchants and their customers is at an all-time high,\u201d Michael Lozanoff, global head of merchant services at J.P. Morgan Payments, said in the release.<\/p>\n
\u201cBy incorporating Affirm as a payment method into our Commerce Platform, we are empowering businesses to deliver the services they need and the experiences that customers increasingly expect as part of their retail journey,\u201d he said.<\/p>\n
Affirm said the deal was an expansion of existing banking and processing relationships with JPMorgan, the largest U.S. bank by assets. It wasn\u2019t immediately clear when the new option would be available to merchants.<\/p>\n<\/p>\n
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