According to the press release, under the terms of the agreement, Affirm will acquire Returnly for total cash and equity consideration of approximately USD 300 million.
Returnly serves more than 1,800 merchants, has helped process more than USD 1 billion in returns, and has been used by over eight million shoppers. With Returnly, eligible consumers receive an instant merchant credit upon initiating a return, allowing them to order a new or replacement item immediately versus waiting until their return is fully processed. Returnly takes the product return risk and settles orders in real time, facilitating returns and exchanges and helping merchants drive higher return-to-repurchase rates, increased revenue from returns and higher customer satisfaction.
Furthermore, Affirm’s acquisition comes as returns continue to be a source of increased costs and complexities for merchants. The transaction is expected to close in Affirm’s fourth fiscal quarter ending 30 June 2021, and is subject to customary closing conditions. The acquisition is not expected to have a material impact on Affirm’s second half 2021 fiscal year results of operations.
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