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

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.

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.

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.

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.

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.

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.

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.