- 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.
Source: Retail Dive