Affirm stock rallies after report of plans to work with Apple in Canada

An already busy week in the buy-now, pay-later market got even busier Tuesday after a report indicated that Apple Inc. plans to work with Affirm Holdings Inc. on an installment offering for those looking to buy various Apple devices in Canada.

Affirm shares AFRM, +3.03% gained 3% in Tuesday trading and were up another 2.7% in the extended session following the Bloomberg report, which comes a day after Affirm shares rocketed 14.6% on the news that Square Inc. SQ, -1.06% planned to acquire BNPL rival Afterpay Ltd. AFTPY, -0.73% APT, +0.27% in a $29 billion deal that valued Afterpay at a 31% premium to its prior close. The announcement helped bake a merger premium into Affirm’s stock, noted an analyst.

Apple didn’t respond to MarketWatch’s request for comment on the plans. A spokesperson for Affirm declined to comment. The arrangement with Apple “could be nicely additive” to Apple’s fiscal 2022 revenue, wrote Barclays analyst Ramsey El-Assal.Apple’s reported plans to work with Affirm on the installment option for Canadian hardware purchases mark the latest twist in Apple’s BNPL story. Bloomberg reported in mid-July that Apple was exploring its own BNPL offering in conjunction with the Apple Pay product, which would allow people to make more general purchases in installments using the mobile wallet.

If you have to “pay later” then you can’t afford it.

good luck

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