TOP3 BNPL in Spain
Buy now, pay later (BNPL) services have become increasingly popular in Spain in recent years, as more consumers are looking for alternative payment methods that offer greater flexibility and convenience. According to a report by Worldpay, BNPL is the fastest-growing payment method in Spain, with a compound annual growth rate of 39% in the next five years.
Why split payments are becoming a new trend in Spain read in the article “Splitting payments in Spain”.
The COVID-19 pandemic has also accelerated the adoption of BNPL services in Spain, as more consumers have turned to online shopping and e-commerce. According to a survey by the Spanish payment gateway Redsys, nearly 60% of Spanish consumers have used BNPL services at least once, with fashion and electronics being the most popular categories.
The top BNPL providers are actively expanding their presence in Spain, partnering with a variety of online merchants to offer BNPL services to their customers. As more consumers become familiar with BNPL and its benefits, it is likely that its popularity will continue to grow in Spain and other countries around the world.
TOP3 BNPL providers in Spain
1. Klarna: a Swedish company that offers BNPL services in Spain and other countries.
2. SeQura: a Spanish BNPL provider that allows consumers to pay in installments over time.
3. Aplazame: a Spanish fintech that enables consumers to pay for purchases in installments, with no interest or hidden fees.
Klarna
Klarna is a Swedish fintech company that offers a range of payment and financial services, including buy now, pay later (BNPL) solutions. The company was founded in 2005 and is headquartered in Stockholm.
Klarna’s BNPL solution allows customers to pay for purchases in installments, without incurring interest or additional fees. Customers can choose to pay in up to four equal installments over six weeks, or in longer-term installments with interest. Klarna pays the merchant upfront for the purchase and then collects the payments from the customer over time.
In addition to its BNPL solution, Klarna also offers other payment and financing options, including personal loans, credit lines, and a mobile wallet. The company has partnerships with more than 500,000 merchants worldwide, including major retailers such as H&M, Adidas, and IKEA.
Klarna is known for its innovative approach to payment and finance and has won several awards for its products and services. The company is also committed to sustainability and social responsibility and has launched initiatives to promote ethical and sustainable consumption.
Klarna has received significant investment from prominent venture capital firms, including Sequoia Capital, Silver Lake, and BlackRock. As of the beginning of 2022, the company was valued at over $45 billion, which made it one of the most valuable fintech companies in the world.
Read more interesting facts about Klarna in the article “R.I.P. Klarna, or…?”
SeQura
SeQura is a Spanish fintech company that provides buy now, pay later solutions to online merchants and their customers. The company was founded in 2013 and has since become a leading BNPL provider in Spain.
SeQura’s BNPL solution allows customers to split their purchases into smaller, interest-free installments. Customers can choose to pay in 3, 4, or 12 installments, depending on the amount of their purchase. SeQura pays the merchant upfront for the purchase and then collects the payments from the customer over time.
In addition to its BNPL solution, SeQura also offers other payment solutions, such as pay after delivery and direct debit. The company aims to simplify the payment process for merchants and customers and increase conversion rates and customer loyalty.
SeQura partners with a variety of online merchants, including fashion retailers, electronics stores, and travel companies. The company has received funding from investors such as Caixa Capital Risc, Nauta Capital, and Sabadell Venture Capital.
Aplazame
Aplazame is a Spanish fintech company that offers buy now, pay later (BNPL) solutions to online merchants and consumers. The company was founded in 2014 and is headquartered in Madrid.
Aplazame’s BNPL solution allows customers to pay for purchases in installments, without incurring interest or additional fees. Depending on the merchant’s terms, customers can choose to pay in up to 12 monthly installments. The company pays the merchant upfront for the purchase and then collects the payments from the customer over time.
In addition to its BNPL solution, Aplazame offers other payment solutions, such as direct debit and deferred payment. The company aims to make online shopping more accessible and affordable for consumers, while also helping merchants to increase sales and conversion rates.
Aplazame partners with a variety of online merchants, including fashion retailers, electronics stores, and travel companies. The company has received funding from investors such as Caixa Capital Risc, K Fund, and All Iron Ventures. Aplazame also offers a mobile app, which allows customers to manage their payments and view their purchase history on the go.
The perspectives for Buy Now, Pay Later services in Spain are positive, as the demand for alternative payment methods and more flexible financing options continues to increase. BNPL providers are actively expanding their presence in Spain, partnering with more online merchants to offer their services to consumers.
According to a report by Worldpay, BNPL is expected to account for 8% of all e-commerce payments in Spain by 2024.
Every year more consumers have turned to online shopping and e-commerce. This trend is likely to continue, as consumers have become more accustomed to online shopping and the convenience and flexibility of BNPL.
However, as with any financial product, there are risks and challenges associated with BNPL. The Spanish government and regulators will need to ensure that BNPL providers comply with consumer protection regulations and that consumers are adequately informed about the terms and conditions of their BNPL agreements.
Overall, the perspectives for BNPL in Spain are positive, and the market is expected to continue to grow as more consumers and merchants adopt these services. However, it is important for all stakeholders to ensure that BNPL is used responsibly and that consumers are protected from potential risks and abuses.
