fintech / news / / TechBullion
For most of 2021 and 2022, the U.S. buy-now-pay-later category was a venture-funded gold rush.
U.S. BNPL transaction volume reached $114 billion in 2025, with five players now controlling 91 percent.
KEY POINTS
- 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- CFPB TILA classification for BNPL was introduced in May 2024 but withdrawn in 2025 under new leadership.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
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