Affirm to Buy Returnly for $300 Million as Ecommerce Returns Spike During the Pandemic

The deal comes as buy-now-pay-later companies are seeing major growth

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Installment payment platform Affirm announced it is acquiring retail credit service Returnly for $300 million as ecommerce returns surge during the pandemic.

The deal will give Affirm access to the more than 1,800 merchants that have signed onto Returnly, which simplifies returns processing for retailers by offering customers instant store credit before an item is even returned. The startup claims to have processed over $1 billion in returns made by more than 8 million shoppers.

“Store credit, issued before the item is actually returned, is now a practical requirement in highly competitive segments like fashion and lifestyle,” Affirm CEO Max Levchin said in a statement.



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