11 Biggest BNPL Companies In The World (Updated)

Published January 10, 2023 at 2:35 pm EST Updated September 6, 2026 at 12:41 pm EDT

In this article, we discuss the 11 biggest BNPL companies in the world.

Digital payment options have gained immense popularity in recent years. These payment options are more popular in Europe and US, but are gaining prominence in Asia, Australia and New Zealand as well. With the rise of digital payments, there has also been a marked increase in the use of Buy Now, Pay Later (BNPL) applications. Buy Now, Pay Later is basically short-term financing that allows consumers to make purchases and pay for them later through interest free installments.

Many BNPL companies have emerged over the years, offering digital payment services to customers and merchants around the world. The BNPL companies charge retailers a fee, which is between 3% and 6% of BNPL sales, and this cost is likely to be passed onto consumers. BNPL apps are the latest financial tools which make it easier for customers to access credit for the products they have bought. These apps integrate with retail stores, allowing the customers to carry on shopping activities conveniently and settle the bill offsite with deferred methods.

Some of the top firms in this space include Visa Inc. (NYSE:V), Block, Inc. (NYSE:SQ), and PayPal Holdings, Inc. (NASDAQ:PYPL), among others discussed in detail below. The global BNPL market size is expected to expand up to $20.40 billion by 2028. It is important to note that since the global pandemic struck, the buying patterns of customers have changed drastically. It is also noteworthy that almost 75% of BNPL users are Generation Z or millennials, and they are more cautious about credit in times of financial crisis.

The global BNPL market was valued at $15.91 billion in 2021. The market is projected to grow from $22.86 billion in 2022 to $90.51 billion by 2029, exhibiting a compound annual growth rate of 21.7% during the forecast period of 2022 to 2029. The global BNPL market exhibited a higher growth of 48.3% in 2020 due to the global pandemic. The US tops the BNPL market. According to recent research, BNPL users in the country have increased by 300% since 2018, with 45 million users in 2021.

The leading players in BNPL are offering various services for categories such as travel and tourism, online shopping, consumer electronics, retail, healthcare insurances, banking and financial services. Further, several e-commerce companies across retail, banking and healthcare insurance are adopting this service to facilitate customers around the globe.

With these dynamic changes worldwide, the online shopping and digital payments segment has gained immense significance, leading towards increased demand for BNPL services all around the world. Today, millions of shoppers use BNPL services, evidenced by the 215% year-over-year growth for the industry in the first two months of 2021. Further, it has been forecasted that around 1.5 billion consumers around the world will spend $995 billion through BNPL by year 2026.

Our Methodology

These were picked from a careful assessment of the BNPL industry. The details of each BNPL company are mentioned alongside a discussion around top firms in the sector in order to provide readers with some context for their investment decisions. To see our article about the top BNPL companies in the US, please click the link.

11 Biggest BNPL Companies In The World

Biggest BNPL Companies In The World

11. Hoolah/ShopBack PayLater

Estimated Valuation: Private

The company, founded in 2018, is a Singapore-based fintech company, and one of the leading BNPL companies in the world. The company operates a 1,500-strong merchant network in Singapore, Malaysia and Hong Kong. The company entered the Malaysian market in 2019 and since then has partnered with both local and global merchants. The digital platform allows customers to buy now and pay later through three interest-free monthly payments. In 2020, the company expanded its BNPL option for in-store solutions for customers as well. The company focuses on customer engagement, employee engagement and a merchant network, a trio that has helped in achieving rapid growth in recent years.

ShopBack acquired Hoolah in late 2021 and has since rebranded its BNPL service to ShopBack PayLater.

10. Openpay Group Ltd (ASX:OPY.AX)

Market Capitalization: $30 Million

Openpay Group Ltd (ASX:OPY.AX), an Australia-based fintech company, operates in the BNPL industry and offers online financial services. The company allows customers to pay for products using interest free installments. The company is a fast-growing global player in the BNPL markets with a strong digital platform which offers flexible, convenient and transparent plans for customers and merchants in several global markets. Openpay Group Ltd has footprints in Australia, New Zealand, UK and the US, where it operates under the brand name Opy. The company’s digital payment app works through the model of purchase today, pay it your way by choosing to make weekly or fortnightly payments.

9. Zip Co Limited (ASX:ZIP.AX)

Market Capitalization: $289 Million

Zip Co Limited (ASX:ZIP.AX), founded in 2013, is an Australia-based public limited financial technology company. The company has reported a revenue of $620 million with 11.4 million customers in 2022. The company is a global leader in providing digital retail finance and payments. The company aims to offer innovative, responsible and fair payment products for not only businesses and SMEs but also consumers to manage their finances. Zip Co Limited is one of the biggest BNPL companies in the world with footprints across 12 markets and a focus on four strategies centered around payment acceptance, app engagement, and global expansion and zip business.

8. LatitudePay

Estimated Valuation: $2 Billion

LatitudePay is a venture of Latitude, which is one of the biggest digital payments, installments and lending companies in the world. The firm aims to help businesses grow and people manage their finances. Latitude serves over 2.6 million customers, mainly in Australia and New Zealand, with financial services. The company has 1,950 merchant partners which operate in more than 9,000 online and physical outlets in the two countries. The company offers digital payment and BNPL services to customers in Australia, New Zealand, Canada, Malaysia and Singapore. LatitudePay is a consumer financing platform that provides facilitation for businesses of all sizes for giving installment plans directly to their customers.

7. Monzo

Estimated Valuation: $4 Billion

Monzo Bank Ltd, founded in 2015, is an online UK-based bank which is known as the earliest app-based challenger banks with a mobile app called Monzo. Monzo is often referred to as a unicorn in the banking industry. Monzo is reported to have 5.8 million users and a clear growth path ahead. The company is expected to become profitable in 2023 as the customer base is increasing by 100,000 every month. The company earns revenue through a process called interfacing which takes 0.2% for every debit card transaction. The company has partnered with OakNorth, Paragon and Charter Savings to facilitate savings through mobile apps.

6. Affirm Holdings, Inc. (NASDAQ:AFRM)

Market Capitalization: $3 Billion

Affirm Holdings, Inc. (NASDAQ:AFRM) operates a platform for digital and mobile-first commerce in the United States, Canada, and internationally. Founded in 2012, it has become one of the largest BNPL companies in the world. In 2019, the company entered into a partnership with Walmart to provide a digital payment facility to customers both in-store and on Walmart’s website. The company has expanded its operations through acquisitions and mergers, such as in 2021, a financial technology service company, Returnly, was acquired for $300 million. Affirm will be Amazon’s BNPL partner in the US from January 2023.

Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Affirm Holdings, Inc. with 4.1 million shares worth more than $77 million.

Just like Visa Inc., Block, Inc., and PayPal Holdings, Inc., Affirm Holdings, Inc. is one of the biggest BNPL companies in the world.

In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Affirm Holdings, Inc. was one of them. Here is what the fund said:

“We recently covered our short position in Affirm Holdings, Inc. after a rapid decline brought the share price to ~$30 – down from our entry point above $100 – in only 7 months. We discussed Affirm in our Q4 letter, saying the following:

Affirm is a “Buy Now, Pay Later” (BNPL) company founded by former PayPal CTO and cofounder Max Levchin. They provide installment loans to consumers, partnering with retail companies looking to drive higher sales. They have two primary products: a zero-fee installment loan for consumers with the best credit scores, and a more traditional product with 20%+ interest rates for subprime borrowers. Their stated plan is to disrupt the credit industry with more transparent, lower-fee loans. At a roughly $28b market cap at the start of 2022, AFRM stock was priced at more than 20x trailing sales, a steep price for a money-losing lender. While their early lead in online BNPL transactions and partnerships with fast-growing retailers like Peloton has fueled significant historical growth, a wave of competition has arrived… While the stock has already fallen sharply from where we initiated our short position, we think it could fall another ~40% to trade at 8x FY2022 sales.”

5. Klarna

Estimated Valuation: $7 Billion

It has been reported that more than 147 million people used Klarna for digital payments in the year 2021. Klarna, by facilitating customers to pay for products and services in a series of installments, has become the leading BNPL companies in the world. The firm is based in Sweden and was founded in 2005. It operates a Swedish version of the popular PayPal app.

4. Grab Holdings Limited (NASDAQ:GRAB)

Market Capitalization: $11 Billion

Grab Holdings Limited (NASDAQ:GRAB) provides superapps that allows access to mobility, delivery, financial services, and enterprise offerings through its mobile application. It is a Singapore-based technology company which not only offers transportation services and food delivery services, but also digital payments services via its mobile app. The app, named Grab, currently operates in Singapore, Malaysia, Cambodia, Myanmar, the Philippines, Indonesia, Thailand and Vietnam. Grab is the largest BNPL company in Southeast Asia, offering digital payments services through its Grab Paylater. Grab Paylater app is being used by millions of users who use Grab super app for transportation services and ordering food. It is also called GrabPay, which is available in Malaysia, as one of the leading e-wallet providers, offering customers the convenience to pay for bills, food, everyday groceries, food, rides services, all through one integrated mobile app.

Among the hedge funds being tracked by Insider Monkey, Connecticut-based firm Tremblant Capital is a leading shareholder in Grab Holdings Limited with 28 million shares worth more than $70.9 million.

3. Block, Inc. (NYSE:SQ)

Market Capitalization: $36 Billion

Block, Inc. creates tools that enable sellers to accept card payments and provide reporting and analytics and next-day settlement. The firm recently acquired Afterpay, an Australia-based financial technology company which is known for its BNPL services. The company was founded in 2014 and has expanded operations in Australia, US, UK, Canada, and New Zealand over the years. The company works on the model of providing facilitation to customers in online payments. Afterpay allows in-store and online customers to make a purchase immediately and pay through four equal fortnightly repayments which are interest-free. The company has announced that it will enter the US, which is a $1.5 trillion global subscription payments market, by offering customers payment installments for subscriptions, like gym memberships, entertainment subscriptions and online services.

Among the hedge funds being tracked by Insider Monkey, St. Petersburg, Florida-based investment firm ARK Investment Management is a leading shareholder in Block, Inc. with 9.2 million shares worth more than $505.5 million.

In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Block, Inc. was one of them. Here is what the fund said:

“Block, Inc. provides point-of-sale technology to small businesses and operates the Cash App ecosystem of financial services for individuals. Shares fell due to mixed quarterly results with more modest growth in the Seller business offsetting strength in Cash App. While the integration of recently acquired Afterpay is progressing well and credit metrics remain healthy, the buy-now-pay-later business slowed due to greater competitive intensity. We continue to own the stock due to Block’s long runway for growth, sustainable competitive advantages, and unique corporate culture.”

2. PayPal Holdings, Inc. (NASDAQ:PYPL)

Market Capitalization: $78 Billion

PayPal Holdings, Inc. operates a technology platform that enables digital payments on behalf of merchants and consumers worldwide. The company has 430 million active accounts in more than 200 markets worldwide. Since the global pandemic, the BNPL activities of the firm have increased dramatically and given a strong momentum to Paypal to increase the customer and merchant network all around the world. The company has reported that 68% of millennial and Generation Z shoppers have used PayPal and 75% of the Paypal BNPL users are repeat users.

Among the hedge funds being tracked by Insider Monkey, Camas, Washington-based investment firm Fisher Asset Management is a leading shareholder in PayPal Holdings, Inc. with 17.7 million shares worth more than $1.5 billion.

In its Q2 2022 investor letter, Mayar Capital, an asset management firm, highlighted a few stocks and PayPal Holdings, Inc. was one of them. Here is what the fund said:

“This quarter, we bought shares in PayPal, the payments platform. PayPal has been one of the more high-profile victims of the market’s brutal ruthlessness over the past few months, and the stock fell by over two-thirds between its peak in July to the beginning of March this year. As we progressed PayPal through the Mayar Checklist Process, we identified a business with a leadership position in a structurally growing market.

The company benefits from certain network effects and faces several competitive threats at the same time. As the business profited from the move to online retail during the pandemic, as well as from the stimulus cheques handed out in the US, the stock price soared to absurd levels. As so often happens, however, the market had overcorrected by February and this quarter was offering prospective shareholders prices that assumed essentially zero growth in the business. When life gives you irrational sellers, make lemonade!”

1. Mastercard Incorporated (NYSE:MA)

Market Capitalization: $329 Billion

Mastercard Incorporated (NYSE:MA) is a technology company that provides transaction processing and other payment-related products and services. The main activity of the firm is to process payments between banks of merchants and the card issuing banks or credit unions of the purchases using MasterCard for making purchases. The company, founded in 1966, is globally recognized and known as the global pioneer in payment innovation. The company has achieved a strong momentum in BNPL services as the use of digital payments has increased dramatically in the recent years. It has been estimated that the number of users of MasterCard BNPL services in the US will increase from 45.1 million this year to 76.6 million in 2025, which makes it one of the largest BNPL companies in the world.

At the end of the third quarter of 2022, 137 hedge funds in the database of Insider Monkey held stakes worth $13.9 billion in Mastercard Incorporated, compared to 137 in the previous quarter worth $14.99 billion.

In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Mastercard Incorporated was one of them. Here is what the fund said:

“The Fund’s holdings in the Payments and Information Services themes also contributed to relative performance. Within Payments, lower exposure to this lagging theme and outperformance of Mastercard Incorporated added the most value. These global payment networks are viewed as safe havens during market downturns but are also benefiting from resilient payment volumes and a sharp rebound in international travel.”

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