Affirm to buy online returns business Returnly

Buy now, pay later (BNPL) company Affirm are set to acquire online returns business Returnly in a $300 million cash and equity deal.

Returnly enables consumers to receive instant store credit at the start of the return process instead of waiting for the return to be processed and takes on the risk of that transaction.

The returns company works with more than 1,800 brands and retailers, including Everlane, ThirdLove, and Outdoor Voices.

Returnly said its service helps merchants to drive higher return-to-repurchase rates, increase revenue from returns, and achieve higher customer satisfaction.

The news comes after research by Polish locker company InPost found UK shoppers potentially have £2.4 billion of unreturned online goods as lockdown restrictions have made returning unwanted items harder for consumers.

“In 2019, Affirm invested in Returnly because we recognised their technology’s ability to help merchants remove friction from returns, drive loyalty, and retain more customers,” said Max Levchin, chief executive, Affirm. “Store credit, issued before the item is actually returned, is now a practical requirement in highly competitive segments like fashion and lifestyle.”

"We are excited to bring Returnly’s powerful product to our merchants, and we are thrilled to introduce their more than eight million users to the transparent, gotcha-free version of buy now, pay later as made possible only by Affirm.”

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