Affirm to Acquire Returns Startup Returnly for $300M

Dive Brief:

As returns continue to plague retailers, Affirm has acquired Returnly, a returns payment platform, for about $300 million, the installment payment company announced on Wednesday. The two companies are expected to close the deal by the end of June.
The company is acquiring Returnly, which gives eligible consumers instant merchant credit upon initiating a return, as U.S. consumers have returned more merchandise, especially with online orders. The National Retail Federation estimates that customers returned $428 billion worth of merchandise last year.
Returnly currently serves more than 1,800 businesses and has processed more than $1 billion in returns. More than 8 million customers have used the platform, per the announcement.