Top 10 US Buy Now Pay Later Companies

Afterpay, owned by Block (formerly Square), 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 — significantly above the 2-3% industry average — justified by higher average order values of 40-50% compared to credit card purchases. After CFPB rule changes in 2025, Afterpay began reporting payment history to Experian and Equifax.

Afterpay (Block)

Klarna is the global BNPL leader — a Swedish company dominating US and European markets with $85 billion in global GMV and 150 million users across 45 countries. Its 2024 US IPO at a $6.7 billion valuation validated the BNPL sector's long-term sustainability. Klarna's AI shopping assistant, launched in 2025, processes 1 million product searches daily, positioning it as a commerce discovery platform beyond just payments.

Klarna

PayPal Pay Later leverages PayPal's 400 million+ global user base and its existing merchant relationships to offer BNPL with zero integration effort for merchants. Its "Pay in 4" product (four interest-free installments) and "Pay Monthly" (6-24 months at 9.99-35.99% APR) collectively processed $7.8 billion in volume in 2025. PayPal's distribution advantage is unmatched — Pay Later is automatically available at all PayPal-enabled checkouts worldwide.

PayPal Pay Later

Sezzle targets underbanked and credit-building consumers with its Pay-in-4 model and unique Sezzle Up program — a $9.99/month subscription that reports on-time payments to all three credit bureaus, helping users build credit scores. Operating with $2 billion+ in GMV, Sezzle's average customer credit score increases 20+ points within 12 months of active use. Its 2025 partnership with Target expanded its merchant network to 50,000+ retailers.

Sezzle

Splitit takes a unique approach by splitting purchases using consumers' existing credit card credit lines — eliminating the need for a new credit application and credit inquiry. 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 lets brands offer installment payments under their own branding, generating 30% of volume from enterprise B2B clients.

Splitit

Zip Co, the Australian BNPL pioneer, operates in the US as Zip with $9 billion+ in global annualized transaction volume and 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. Zip's 2025 profitability turnaround — its first full-year profit — validated its lean-forward strategy of exiting unprofitable markets.

Zip Co

Perpay serves 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. It serves 600,000+ members earning median incomes of $38,000, reporting all payments to TransUnion for credit building. Perpay's average member credit score improves 38 points within 12 months, creating powerful retention and repeat usage.

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

Afterpay, owned by Block (formerly Square), 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 — significantly above the 2-3% industry average — justified by higher average order values of 40-50% compared to credit card purchases. After CFPB rule changes in 2025, Afterpay began reporting payment history to Experian and Equifax.

Afterpay (Block)

Klarna is the global BNPL leader — a Swedish company dominating US and European markets with $85 billion in global GMV and 150 million users across 45 countries. Its 2024 US IPO at a $6.7 billion valuation validated the BNPL sector's long-term sustainability. Klarna's AI shopping assistant, launched in 2025, processes 1 million product searches daily, positioning it as a commerce discovery platform beyond just payments.

Klarna

PayPal Pay Later leverages PayPal's 400 million+ global user base and its existing merchant relationships to offer BNPL with zero integration effort for merchants. Its "Pay in 4" product (four interest-free installments) and "Pay Monthly" (6-24 months at 9.99-35.99% APR) collectively processed $7.8 billion in volume in 2025. PayPal's distribution advantage is unmatched — Pay Later is automatically available at all PayPal-enabled checkouts worldwide.

PayPal Pay Later

Sezzle targets underbanked and credit-building consumers with its Pay-in-4 model and unique Sezzle Up program — a $9.99/month subscription that reports on-time payments to all three credit bureaus, helping users build credit scores. Operating with $2 billion+ in GMV, Sezzle's average customer credit score increases 20+ points within 12 months of active use. Its 2025 partnership with Target expanded its merchant network to 50,000+ retailers.

Sezzle

Splitit takes a unique approach by splitting purchases using consumers' existing credit card credit lines — eliminating the need for a new credit application and credit inquiry. 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 lets brands offer installment payments under their own branding, generating 30% of volume from enterprise B2B clients.

Splitit

Zip Co, the Australian BNPL pioneer, operates in the US as Zip with $9 billion+ in global annualized transaction volume and 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. Zip's 2025 profitability turnaround — its first full-year profit — validated its lean-forward strategy of exiting unprofitable markets.

Zip Co

Perpay serves 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. It serves 600,000+ members earning median incomes of $38,000, reporting all payments to TransUnion for credit building. Perpay's average member credit score improves 38 points within 12 months, creating powerful retention and repeat usage.

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