- Affirm stock jumped more than 15% after announcing it expanded its partnership with Walmart to self-checkout.
- This will allow customers to use the buy now, pay later Affirm feature when they are using the self-checkout at more than 4,500 stores in the U.S.
Affirm stock popped more than 15% Tuesday after the company announced it is expanding its partnership with Walmart to self-checkout kiosks in more than 4,500 of the retailer's U.S. stores.
Affirm shares have soared over 400% this year, one of the best performers across the U.S. stock market, after the company lost 90% of its value in 2022. With Tuesday's rally, the stock has surpassed its $49 initial public offering price from 2021 for the first time since early last year.
Walmart has an existing partnership with the buy-now-pay-later company that allows customers to purchase goods online and in stores from Walmart by pre-applying for credit and then showing a barcode to a checkout sales associate. Now, customers can also scan the barcode at a self-checkout kiosk.
"Recent Affirm research revealed that more than half of Americans (54%) are looking for retailers to offer a buy now, pay later option at checkout," Affirm's senior vice president of revenue Pat Suh said. "Moreover, we've found that 76% of consumers would either delay or not make a purchase without Affirm."
Affirm also has partnerships with Walmart competitors such as Amazon and Shopify.
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly Chicago Catch-Up newsletter.
