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Brand / Company

Top 10 US Buy Now, Pay Later (BNPL) Companies in 2025 — Ranked & Reviewed

The buy now, pay later revolution is reshaping how Americans shop — and competition to dominate this space has never been fiercer. In 2025, the BNPL market reached $75 billion in transaction volume, with 45% of Americans using at least one service. But as regulatory pressure mounts and the market consolidates, clear winners are emerging while others struggle to adapt. New CFPB regulations in 2025-2026 require BNPL providers to report to credit bureaus and comply with credit card laws, forcing a seismic shift from zero-interest checkout gimmicks toward sustainable, profitable products. Klarna's blockbuster $6.7 billion IPO and Affirm's expansion into healthcare finance prove the sector is maturing fast. Discover which top 10 BNPL companies are leading this transformation — and which fintech darlings are losing traction as the industry grows up.

Location: US2026233 viewsJul 17, 2026 Updated Oct 3, 2026

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Current Rankings

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#1
Affirm
Unlike competitors, Affirm never charges late fees and offers transparent interest rates from 0-36% APR based on creditworthiness, a direct advantage over Afterpay's flat-fee model that can incur late penalties. Its partnerships with Amazon, Shopify, and Walmart give it unrivaled checkout distribution, while the Affirm Card — a debit card with BNPL functionality — reached 1.2 million active cardholders in 2025, expanding its ecosystem beyond point-of-sale transactions.
NerdWallet Affirm Review CFPB Buy Now Pay Later Report Affirm Official Site
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source: wikipediaMore info →
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#2
Afterpay (Block)
Afterpay, owned by Block, processed $27 billion in GMV and serves 22 million active US users with its signature four-installment, six-week payment model. It charges merchants 4-6% per transaction, above the typical card-network rate, justified by the higher average order values BNPL checkout tends to drive. Following CFPB rule changes in 2025, Afterpay began reporting payment history to Experian and Equifax, a move that aligns it with traditional credit products and contrasts with Affirm's no-reporting policy for standard BNPL loans.
NerdWallet Afterpay Review CFPB Buy Now Pay Later Report Afterpay Official Site
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source: wikipediaMore info →
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#3
Klarna
Klarna is the global BNPL leader with $85 billion in global GMV and 150 million users across 45 countries, dwarfing Affirm's 42 million US-centric user base. Having weathered a steep $6.7 billion valuation in a 2022 down-round, Klarna subsequently completed a US IPO, and its AI shopping assistant now handles a large share of on-platform product searches. This transforms Klarna into a commerce discovery platform beyond payments, offering a richer user experience than competitors and charging merchants 3-5% per transaction.
Forbes Klarna Review CFPB Buy Now Pay Later Report Klarna US Official Site
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source: wikipediaMore info →
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#4
PayPal Pay Later
PayPal Pay Later leverages PayPal's 400 million+ global user base to offer BNPL with zero integration effort for merchants, a distribution advantage that outperforms Klarna's merchant ecosystem. Its "Pay in 4" and "Pay Monthly" products processed $7.8 billion in volume in 2025, with Pay Monthly offering APRs from 9.99-35.99% — cheaper than the average credit card APR of 22%. This built-in reach makes it one of the most accessible BNPL options for US online shoppers.
NerdWallet PayPal Pay Later Review CFPB Buy Now Pay Later Report PayPal Pay Later Official
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source: wikipediaMore info →
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#5
Sezzle
Sezzle differentiates itself in the BNPL space by leaning into credit building for underbanked consumers, pairing its standard Pay-in-4 model with an optional subscription program, Sezzle Up, that reports on-time installment payments to the major credit bureaus. That reporting is unusual in the BNPL industry, where most providers' short-term installment plans don't typically show up on a standard credit report at all, positioning Sezzle as much a credit-building tool as a checkout financing option.
NerdWallet Sezzle Review CFPB Buy Now Pay Later Report Sezzle Official Site
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source: wikipediaMore info →
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#6
Splitit
Splitit stands apart by splitting purchases through consumers' existing credit card credit lines—eliminating new credit applications and credit inquiries entirely. With $1.5 billion in annualized payment volume, Splitit serves premium merchants in travel, luxury, and home improvement where purchase values exceed $1,000. Its white-label platform generates 30% of volume from enterprise B2B clients,, reflecting a narrower focus on high-ticket transactions rather than mass-market checkout volume.
Forbes Splitit Review CFPB Buy Now Pay Later Report Splitit Official Site
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source: wikipediaMore info →
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#7
Zip Co
Zip Co, the Australian BNPL pioneer, commands $9 billion+ in global annualized transaction volume with 12 million customers across Australia and North America. Its US product offers up to $1,500 in spending power with a $7.99/month account fee replacing traditional interest charges for revolving balances. The 2025 profitability turnaround—its first full-year profit—validated its lean-forward strategy of exiting unprofitable markets,, with US growth of 40% year-over-year.
NerdWallet Zip Review CFPB Buy Now Pay Later Report Zip Co US Official Site
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source: wikipediaMore info →
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#8
Perpay
Perpay dominates the subprime credit market by linking BNPL repayments directly to payroll deductions—eliminating default risk and enabling approval rates of 90%+ regardless of credit score. Serving 600,000+ members with median incomes of $38,000, it reports all payments to TransUnion, improving average credit scores by 38 points within 12 months. Perpay's model creates powerful retention, with repeat usage rates above 70% monthly.
Forbes Perpay Review CFPB Buy Now Pay Later Report Perpay Official Site
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source: perpayMore info →
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#9
Apple Pay Later
Apple Pay Later launched in the US in 2023 offering four zero-interest installment payments over six weeks, integrated natively into Apple Wallet for 1 billion+ iPhone users. While Apple shut down the standalone Pay Later product in 2024 citing strategic refocusing, it pivoted to offering installment loans through third-party lenders (Affirm partnership) directly in Apple Pay — reaching more than 100 million US users. The pivot demonstrated the infrastructure value of Apple's payment rails.
NerdWallet Apple Pay Later Review CFPB Buy Now Pay Later Report Apple Pay Official Site
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source: wikipediaMore info →
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#10
Credova
Credova is a niche BNPL leader serving the outdoor, hunting, and firearms retail vertical — a category excluded by most mainstream BNPL providers. With $400 million in annualized GMV, Credova partners with 1,800+ outdoor retailers including Cabela's, Bass Pro Shops affiliates, and independent gun dealers. Its approval rate of 80%+ for customers with 580+ credit scores and flexible 3-36 month financing terms make it the go-to BNPL for big-ticket outdoor purchases.
Forbes Best BNPL Apps CFPB Buy Now Pay Later Report Credova Official Site
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source: credovaMore info →

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Frequently asked questions

What is Buy Now, Pay Later (BNPL) and how does it work?

BNPL is a short-term financing option that allows consumers to make purchases and pay for them in installments, typically interest-free if paid on time, with the first payment due at checkout.

What are the top Buy Now, Pay Later companies in the US?

The top US BNPL companies include Affirm, Afterpay, Klarna, PayPal Pay Later, and Sezzle, among others, each offering installment plans with varying terms and merchant networks.

Does using Buy Now, Pay Later affect my credit score?

Some BNPL providers report payment activity to credit bureaus, which can positively or negatively impact your credit score, while others do not report unless you default.

Are there any fees associated with Buy Now, Pay Later services?

Many BNPL services charge late fees for missed payments, but most do not charge interest if you pay on time; some may also have origination fees depending on the provider and plan.

Can I use Buy Now, Pay Later for any online purchase?

No, BNPL is only available at merchants that partner with a specific provider; you must check if the store offers your chosen BNPL option at checkout.