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Affirm Acquires Online Return Service Returnly

Affirm Acquires Online Return Service Returnly

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Affirm Acquires Online Returns Service Returnly

Buy now, pay later (BNPL) solution provider, Affirm is acquiring online returns service Returnly for $300 million in cash and equity.

The eCommerce returns platform works with over 1,800 brands and retailers, allowing shoppers to receive instant credit upon initiating the returns process as opposed to waiting for the return to be fully processed. Returnly takes the risk of issuing the credit while helping merchants improve their return-to-repurchase rates, increase revenue from returns and drive higher customer satisfaction rates.

“Over the last few years, alongside the rapid growth of online shopping, consumers’ expectations of accommodations for returns and exchanges have increased significantly,” said Max Levchin, chief executive and founder of Affirm. “Store credit, issued before the item is actually returned, is now a practical requirement in highly competitive segments like fashion and lifestyle.”

The company initially invested in Returnly in 2019.

Online returns are today not just a source of increased costs, but they also create various supply chain complexities for merchants. In 2020 alone, American consumers returned an estimated $428 billion in merchandise to retailers. Products bought online are also returned at triple the rate of brick and mortar retail — a problem that grew even more severe last year when online returns more than doubled compared to 2019.

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