Top 10 US Buy Now Pay Later Companies

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 — 50% above the 2-3% industry average — justified by higher average order values of 40-50% compared to credit card purchases. 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.

Afterpay (Block)

Klarna is the global BNPL leader with $85 billion in global GMV and 150 million users across 45 countries, dwarfing #1 Affirm's 42 million US-centric user base. Its 2024 US IPO at a $6.7 billion valuation validated sector sustainability, while its AI shopping assistant — launched in 2025 — processes 1 million product searches daily. This transforms Klarna into a commerce discovery platform beyond payments, offering a richer user experience than competitors and charging merchants 3-5% per transaction.

Klarna

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 #3 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 the most accessible option for 70% of US online shoppers.

PayPal Pay Later

Sezzle leads the charge in credit-building BNPL by specifically targeting underbanked consumers with its Pay-in-4 model and unique Sezzle Up program. For a $9.99/month subscription, users see on-time payments reported to all three credit bureaus, boosting credit scores an average of 20+ points within 12 months. Operating with $2 billion+ in GMV, Sezzle's partnership with Target expanded its merchant network to 50,000+ retailers in 2025, outperforming #6 Splitit's 30% enterprise B2B volume by focusing on broad consumer accessibility.

Sezzle

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, but its merchant network (50,000+) is half the size of #5 Sezzle's, highlighting a narrower focus on high-ticket transactions.

Splitit

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, but its US growth (40% YoY) is outpaced by #5 Sezzle's 50% GMV expansion.

Zip Co

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—18 points more than #5 Sezzle's 20-point bump. Perpay's model creates powerful retention, with repeat usage rates (70%+ monthly) that are 20% higher than the typical BNPL provider.

Perpay

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.

Apple Pay Later

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.

Credova