Walmart last year switched its buy now, pay later provider to Klarna Group from Affirm Holdings, but Affirm’s CEO says his company continues to grow business at the mega retailer.
The BNPL swap meant that Walmart’s financial technology company, OnePay, integrated Klarna into the checkout process for online and in-store sales.
Fourteen months later, it appears that Walmart customers are sending ample payment volumes to both BNPL companies, according to comments this week from Affirm and Klarna executives.
Despite Walmart’s March 2025 BNPL change, Affirm did not lose sales volume there, CEO Max Levchin said Tuesday at the company’s investor day presentation in New York.
“A large percentage, a large majority in fact, of the shoppers from said retailer simply went out and got themselves Affirm cards and continue today to access Affirm at the point of sale, online and offline,” he said, not directly identifying Walmart.
“The volume at that retailer continues to grow for us, which is not what I think many people thought was in the cards,” Levchin added.
Likewise, Klarna’s Walmart business “is going very well from a volume expectation” and is in line with expectations, Chief Financial Officer Niclas Neglén said Thursday on a quarterly earnings call with analysts.
“From our perspective, we're in a good performance, and we don't generally point or speak to particular partnership volume flows,” Neglén said Thursday in response to an FT Partners analyst question. “But ultimately, we see this as a very good relationship, and one that continues to expand in accordance with our expectations.”
A Klarna spokesperson said the company had nothing to add beyond Neglén’s comments.
In a press release last year announcing the Walmart partnership, Klarna CEO Sebastian Siemiatkowski called the news “a game changer” and “huge vote of confidence” by OnePay and Walmart.
OnePay and Walmart spokespeople did not immediately respond to emails Thursday seeking additional comment. An Affirm spokesperson said the company had no details to add beyond Levchin’s comments.
London-based Klarna said Thursday it had net income of $1 million in the first quarter compared to a $99 million loss in the same quarter of 2025. Revenue rose 44% to $1 billion from $701 million a year ago. Gross merchandise volume 33% year over year to $33.7 billion.
Klarna executives said U.S. consumers using its products have remained financially resilient despite inflation and economic volatility.
