By Emily Dattilo
Shares of Affirm were sinking after fintech peer Klarna announced it will be the sole provider of "buy now, pay later" loans for Walmart in the United States.
That's a negative for Affirm, which first announced a partnership with Walmart in 2019, and indeed, the stock fell 9.7% to $45.20 in premarket trading Monday.
Klarna -- which filed an initial public offering prospectus on Friday -- said it will be teaming up with consumer finance app OnePay to offer BNPL loans at Walmart.
"Walmart U.S. customers will have the option to use OnePay installment loans powered by Klarna to shop for thousands of items, including electronics, home and garden, automotive, and more," Klarna said in a press release. Once the loan is approved, customers can choose a range of repayment terms from 3 to 36 months.
Barron's has reached out to Klarna and Affirm for comment.
Write to Emily Dattilo at emily.dattilo@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
March 17, 2025 08:24 ET (12:24 GMT)
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