Max Levchin, co-founder of Paypal and Affirm
David Paul Morris | Bloomberg | Getty images
Fintech lender Affirm said on Tuesday that there was an agreement with JPMorgan Chase To offer its purchase now, pay for later loan services to the merchants on the bank’s payment network.
American merchants who use JPMorgan to manage payments can soon add their cash pages, according to a press release. Consumers will have access to loans ranging from 30 days to 60 months, according to Affirm.
The agreement follows a similar announcement from the Klarna rival last month, in which the Swedish fintech said it would be available for JPMorgan merchants. Affir and Klarna are clarifying more and more while the purchase now, Pay Field matures in the United States; Affir is listed on the stock market and seeks to regularly increase profits, while Klarna recently filed an introduction to the US stock market.
“The request for various payment options, flexibility and transparent transactions of the two merchants and their customers is at a record level,” said Michael Lozanoff, world manager for merchant services at JP Morgan Payments, in the press release.
“By incorporating Affirm as a payment method in our commercial platform, we allow companies to provide the services they need and the experiences that customers are expecting more and more in their retail path,” he said.
Affirm said that the agreement was an expansion of existing banking and treatment with JPMorgan, the largest American bank by assets. It was not immediately clear when the new option would be available for merchants.
Correction: This story has been updated to correct that JPMorgan merchants will soon be able to offer loans to pay for the checkout. A previous version disturbed the calendar of this offer.