# For most of 2021 and 2022, the U.S. buy-now-pay-later category was a venture-funded gold rush.

*fintech · news · 2026-05-22 · TechBullion*

## Key points

- U.S. BNPL transaction volume reached $114 billion in 2025, with five players now controlling 91 percent.
- Affirm, Klarna, and PayPal Pay Later achieved consecutive quarterly profitability in 2025 for the first time.
- CFPB TILA classification for BNPL was introduced in May 2024 but withdrawn in 2025 under new leadership.
- The 2024 CFPB rule now requires BNPL providers to disclose credit costs and report payment behaviors to bureaus.
- Chase and American Express have piloted BNPL products but have yet to launch at full scale.

**Companies:** PayPal, Affirm, Klarna, Afterpay, Block, Sezzle, Zip, Splitit, Bread, Alliance Data
**Countries:** United States

[Read the full story on TechBullion](https://techbullion.com/bnpl-systems-in-the-u-s-2026-where-the-category-stopped-being-a-gold-rush-and-started-being-a-business/)

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