London-based buy now pay later (BNPL) company APEXX Global has made its entrance into the US market.
The firm has seen prosperity in its efforts in the European markets and currently operates across over 70 countries. As B2B companies worldwide maintain the use of digital platforms to reach potential clients, the global popularity of BNPL services continues to boom.
It probably makes sense that APEXX Global would want to tap into the US market and broaden its horizons.
According to Insider Intelligence, the BNPL industry is expected to reach $680 billion (£494 billion) in transaction volume worldwide by 2025. Global expansion could be a safer option for the firm.
Rodney Bain, Co-Founder and CSO at APEXX Global, says: “As US consumers continue their adoption of BNPL, APEXX Global’s unique API and orchestration platform are one of the only systems that can handle the coming wave.”
BNPL is certainly popular in the US, with a report from marketing insights agency C+R Research revealing that about 60% of US adults have used it when buying products.
APEXX Global will face a lot of competition in the US and the matter of regulations.
Last month, the US Consumer Financial Protection Bureau issued orders to Afterpay, Affirm, Klarna, PayPal and Zip requesting data on transaction trends, fees, underwriting policies and credit reporting.
According to Bain, APEXX Global offers a “single-stop platform of leading payments providers”.
In terms of B2C, the BNPL industry can offer flexible payment options, allowing consumers to create installments on individual transactions. There are also B2B opportunities. APEXX Global says its payment orchestration platform has an integrated BNPL solution with more than 14 BNPL providers. This allows merchants and payment service providers to access various BNPL providers across more than 40 markets through a single consolidated API.
Bain explains that the global B2C e-commerce market is set to reach $6.54 trillion (£4.75 trillion) by 2023, and online shopping is one of the most popular online activities in the US.
APEXX Global has over 120 integrated partners, and various enterprise clients including ASOS, eShopWorld, XE.com, Swoon and AirSeychelles.
By the way, according to research from Bain & Company, the transaction value of BNPL in the UK reached £6.4 billion in 2020, growing by 60-70% from the previous year.