Buy now, pay later provider Affirm said in a company web post Thursday that it will divest its Returnly unit, a returns payment platform it acquired two years ago. The “sunsetting” of that platform will occur by early October, the company said.
Affirm purchased Returnly for $300 million in June 2021. An Affirm spokesperson said the company did not sell Returnly and declined to comment on whether Affirm will be writing off the business. “The vast majority of Returnly employees have already been re-deployed to other departments within Affirm,” the Affirm spokesperson said, declining to identify the number of employees Returnly had.
Alternatively, San Francisco-based Affirm is now increasing its work with another returns management company, entering a strategic partnership with Loop Returns, the BNPL provider said in the post.Payments Dive