© Reuters. Affirm shares jump as company expands Amazon (AMZN) partnership
Amazon (NASDAQ:) and Affirm Holdings (NASDAQ:) announced an expanded partnership on Thursday that will see Affirm become the first pay-over-time option available at checkout on Amazon Business.
Affirm shares jumped on the news, currently up more than 17%, trading around the $20.70 per share mark.
Amazon’s business-to-business (B2B) store, which helps businesses digitize and automate procurement, will now allow customers to split the total cost of eligible purchases and pay over time using Affirm without late or hidden fees.
Amazon Business said it will begin rolling out Affirm on Thursday to eligible sole proprietor businesses, with the new payment option available at checkout to all eligible Amazon Business sole proprietor customers by Black Friday.
“We’re constantly striving to make Amazon Business the best place for small businesses to fulfill their buying needs. Integrating Affirm as a payment option helps us do just that, while providing more flexibility and convenience to our customers,” said Todd Heimes, director of Amazon Business Worldwide.
The deal is Affirm’s first new B2B pay-over-time solution for sole proprietors.
“According to the IRS1, more than 28 million sole proprietorships do business in the United States. By offering these business owners a transparent and flexible way to pay over time for the items they need, we can help them increase their purchasing power, better manage their cash flow, and accelerate their growth,” said Wayne Pommen, Affirm’s Chief Revenue Officer.
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