Affirm Acquires Nexi's German Fintech Ratepay to Expand European BNPL Presence
Affirm Acquires Nexi’s German Fintech Ratepay to Expand European BNPL Presence #
US buy now, pay later company Affirm has agreed to acquire Ratepay, a German fintech specialising in pay-by-invoice services, from Italian payments group Nexi. The deal, announced Monday 9 November, gives Affirm a foothold in the German-speaking markets of Germany, Austria and Switzerland (collectively the DACH region), where invoice-based payment, or Rechnungskauf, remains one of the most popular ways to pay online.
Financial terms were not disclosed. Completion is subject to customary regulatory approvals and is expected in the first half of 2027, according to a joint press release from the companies.
Ratepay, headquartered in Germany, provides payment services to e-commerce merchants across the DACH region. Under Affirm’s ownership, the company plans to expand beyond pay-by-invoice into instalment loans, which are Affirm’s core product in its home market.
Alongside the divestment, Nexi and Affirm signed a memorandum of understanding to extend their existing commercial partnership across the DACH region and explore new joint business opportunities. Nexi also committed to providing transitional support after closing, including on-the-ground expertise and technology assistance.
Nexi chief executive Bernardo Mingrone said the transaction fits the group’s strategy of focusing on core payment processing and acquiring activities. He added that Ratepay’s business profile was a natural commercial fit with Affirm and that the change of ownership would put Ratepay in a stronger position to develop its BNPL offering for merchants and consumers in the region.
The sale ends a prolonged effort by Nexi to exit its Ratepay stake. During the global BNPL boom in 2021, Nexi reportedly sought a valuation of around €1 billion for the business but could not attract a buyer at that level. Subsequent interest rate rises weighed on the broader BNPL sector, complicating any exit, before Affirm emerged as the eventual acquirer.
For Affirm, the acquisition adds an established merchant base and regulatory licences in one of Europe’s largest e-commerce markets. The DACH region has long been difficult territory for BNPL entrants, as consumers there have historically preferred invoice-based payment, which gives Ratepay’s local expertise particular value as Affirm competes with established players such as Klarna.
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