Affirm and Klarna both told investors this week that their Walmart business is growing, 14 months after the retailer switched its buy now, pay later provider from Affirm to Klarna through OnePay, Walmart’s financial technology company. Affirm CEO Max Levchin said at the company’s investor day that “a large majority” of shoppers from the unnamed retailer simply got themselves Affirm cards and continue to access Affirm at the point of sale online and offline, with volume continuing to grow despite the loss of the direct integration. Klarna CFO Niclas Neglén said on the company’s quarterly earnings call that the Walmart relationship is performing “very well from a volume expectation” and continues to expand in line with expectations, with Klarna also posting $1M in Q1 net income (its first profitable quarter since its IPO) on revenue up 44% to $1B and gross merchandise volume up 33% YoY to $33.7B.
