Largest Lending & Buy Now, Pay Later (BNPL) Companies

Klarna, the Swedish BNPL provider that completed its IPO on the New York Stock Exchange, is the largest pure buy now, pay later company in the world, serving around 114 million active customers across 26 countries. The BNPL model works by splitting purchases into installment payments — typically four interest-free payments over a few weeks — while merchants pay a fee of roughly 3% to 6% on each transaction.

Several publicly traded companies operate in the lending and BNPL space, spanning pure-play installment providers and broader fintech platforms:

• Affirm Holdings (NASDAQ: AFRM): Founded in 2012 by PayPal co-founder Max Levchin, Affirm does not charge hidden or late fees and went public in January 2021.
• Block, Inc. (NYSE: XYZ): Formerly known as Square, Block acquired BNPL leader Afterpay in 2021, integrating installment payments into its payments platform.
• PayPal Holdings (NASDAQ: PYPL): Offers a “Pay in 4” product alongside its broader digital payments business, with over two decades of payments experience.
• SoFi Technologies (NASDAQ: SOFI): The largest U.S.-based online lender, founded by Stanford students in 2011, and the first fintech startup to receive a full U.S. banking license.
• LendingClub (NYSE: LC): The first peer-to-peer lender to register its offerings as securities with the SEC, now restructured as a neobank.
• Sezzle (NASDAQ: SEZL) and Zip Co (ASX: ZIP): Pure-play BNPL providers, with Zip Co operating across the U.S., Australia, and New Zealand.

BNPL services have expanded into checkout flows across electronics, fashion, travel, and healthcare. Many of these companies also appear among the largest fintech companies by market cap.

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The table below ranks the leading publicly traded lending and BNPL companies by market capitalization, with live price data updated throughout the trading day.