Those of you who keep an eye on what’s happening in fintech will know that, outside of the fantastical land of crypto and non-fungible delights, the hottest game in town right now is “buy now pay later” — or BNPL as it is widely known (best pronounced as buh-n-pul).
The market has, until now, been dominated by BNPL pioneers like Sweden’s Klarna — Europe’s heftiest fintech unicorn at a valuation of over $45bn — and Australia’s AfterPay, which in August was acquired by Jack Dorsey’s Square for a tidy $29bn, the largest takeover in the Land Down Under’s history.
But ever more firms are now jostling for a taste of that sweet BNPL sundae. Just last week, old-man “fintech” Mastercard said it would launch a product called “Mastercard Installments” next year. Apple and Goldman Sachs have said they are joining forces to offer a service called “Apple Pay Later”, while BNPL big dog Affirm recently…
