FirstCash to buy fintech AFF in $1.17 billion deal to enter BNPL market

Asia's Tech News Daily

(Reuters) – Pawn store operator FirstCash Inc said on Thursday it will acquire financial technology firm American First Finance Inc (AFF) in a $1.17 billion deal, to enter the buy-now-pay-later business.

FirstCash is also looking to expand its footprint in the retail point-of-sale (POS) payments market, where AFF currently hosts over 6,500 merchant partner stores and e-commerce platforms across the United States.

AFF, founded in 2013, is a technology driven POS payments platform which offers consumers payment flexibility across marketplaces with its “no credit required” options.

With COVID-related lockdowns turning shoppers to online payment platforms, demand for financial technology companies has boomed and dealmaking has continued at a frenetic pace, with venture capital firms pouring money into such companies and fintech behemoths like PayPal and Square Inc expanding into the BNPL sector through acquisitions.

The cash-and-stock deal will also help FirstCash introduce flexible payment solutions in its pawn stores, it said.

Under the agreement, AFF would receive up to $300 million more if it meets certain performance targets through the first half of 2023.

As part of the deal, FirstCash will form a new parent company, which will assume FirstCash's listing on the Nasdaq and maintain the “FCFS” ticker symbol.

At deal close, expected towards late 2021 or first quarter of 2022, AFF will operate as a separate Dallas-based business unit within FirstCash led by Howard Hambleton, AFF's president and chief executive officer.

(Reporting by Manya Saini and Niket Nishant in Bengaluru; Editing by Shailesh Kuber)

Internet Explorer Channel Network
Asia's Tech News Daily
News Related


Meryl Streep thought her 'Don't Look Up' costar Jonah Hill was calling her a 'goat' — until Jennifer Lawrence explained what it really means

© Theo Wargo/WireImage/Getty (L-R) Jennifer Lawrence, Leonardo DiCaprio, Meryl Streep, and Jonah Hill at the “Don’t Look Up” world premiere in New York City. Theo Wargo/WireImage/Getty Throughout the movie’s press ... Read more »

Eskom wants Soweto residents to pay fine for reconnection

© Provided by eNCA JOHANNESBURG – Gauteng Premier David Makhura and Eskom’s representatives visited Diepkloof in Soweto in the wake of ongoing protests over electricity disconnections. The power utility wants ... Read more »

Companies in race to develop sustainable jet fuel in face of climate crisis

CALGARY — When United Airlines flew a plane full of passengers from Chicago to Washington, D.C. on Dec. 1, it did it with one engine 100 per cent powered by ... Read more »

Bank of Canada leaves key rate unchanged, sticks to guidance on hike timing

OTTAWA, Dec 8 (Reuters) – The Bank of Canada on Wednesday held its key overnight interest rate at 0.25%, as expected, and maintained its guidance that a first hike could ... Read more »

Darren Moore issues refreshingly honest verdict in wake of Sheffield Wednesday player blow

© Provided by Football League World Championship – West Bromwich Albion v Ipswich Town Sheffield Wednesday boss Darren Moore had no complaints with Massimo Luongo’s red card in last night’s ... Read more »

Bosnian security chief accused of corruption in weapons sale

SARAJEVO, Bosnia-Herzegovina (AP) — Bosnia’s security minister has been formally charged with malfeasance and corruption over the irregular sale of weapons and military equipment a decade ago when he held ... Read more »

'Huge', ‘Please god be true' - Many West Ham fans erupt as Irons join race for marquee UCL beast

Flocking to Twitter, many West Ham United fans have erupted over transfer claims involving marquee Champions League striker Darwin Nunez. © Provided by Transfer Tavern Primeira Liga – Belenenses v ... Read more »

Furious Londoners say helicopters fly too close to homes as things fall off walls

Furious locals in South London have complained about helicopters flying too close to homes, causing items to fall off their walls. Since January 2020, Wandsworth Council has received 25 complaints ... Read more »

Willi Herren (†45): Sein Grab wurde erneut geplündert

© Instagram/jasminherren78 Jasmin Herren Es ist nicht das erste Mal, dass sich jemand an der letzten Ruhestätte von Schauspieler Willi Herren (†45) vergangen hat. Seine Witwe Jasmin Herren (42) berichtete ... Read more »

Ferienwohnungen: «Die Preisanstiege dürften abflachen»

Werden die Preise für Ferienwohnungen weiterhin so stark steigen – und wieso ist gerade Grindelwald so gefragt? Antworten von UBS-Experte Maciej Skoczek. 2020 stiegen die Preise für Zweitwohnungen um 4 ... Read more »

Giant Christmas tree outside Fox News headquarters set afire

NEW YORK — A man was charged with arson and other crimes Wednesday for setting fire to a 50-foot (15-meter) Christmas tree in front of Fox News headquarters in midtown ... Read more »

US Olympic board member pushes quiet diplomacy in Peng case

© Provided by Associated Press FILE – International Tennis Federation President David Haggerty speaks at the draw of the World Group Semifinal Fed Cup matches, in Lucerne, Switzerland, Friday, April ... Read more »

Is the ‘War on Drugs' over? Canada is seeing a ‘shift' in its approach to drugs, experts say

© File/Getty Images The government is introducing new legislation to repeal mandatory minimum penalties for drug offences. Walking around the downtown core of any major Canadian city, it’s not unusual ... Read more »

Pfizer says COVID booster ‘effective' against Omicron variant

© Provided by Al Jazeera Pfizer and its partner BioNTech say that lab tests showed a booster dose increased by 25-fold the level of so-called neutralising antibodies against Omicron [File: ... Read more »

How to get the BXR-55 Battler and best God Rolls in Destiny 2

© Provided by GamePur Halo fans have certainly been spoiled lately. Not only have they been treated to the fun, if uneven in places, Halo Infinite, but they are also ... Read more »

Afghan refugee who helped British army forced to crowdfund for job training

An Afghan refugee who worked for the British army for 13 years has been forced to crowdfund to get a job in London after being told his qualifications aren’t recognised ... Read more »

Spider-Man's Mary Jane Watson is coming to Fortnite Chapter 3 as an NPC, says leaker

© Provided by GamePur Spider-Man’s long-time love interest, Mary Jane Watson, will reportedly come to Fortnite Chapter 3 as an NPC, said Fortnite content creator ShiinaBR on Tuesday. The leaker ... Read more »

Lorraine Kelly hit with 1300 Ofcom complaints as fans fume over Dr Hilary's vaccine claims

ITV show Lorraine has been hit with over 1,300 Ofcom complaints after its segment about Covid vaccinations. Ofcom received a huge total of 1,312 complaints from angry viewers after the ... Read more »

Royal Enfield 120th Anniversary Bikes Sell Out In Minutes In India

Royal Enfield 120th Anniversary 650 Twins – Badge 2021 Royal Enfield 120th Anniversary 650 Twins – Badge Royal Enfield 120th Anniversary 650 Twins – Pinstriping Royal Enfield 120th Anniversary 650 ... Read more »

A swarm of more than 40 earthquakes in 24 hours is causing a buzz in the northwest US

One of North America’s most active fault lines sprung to life on Tuesday after a swarm of more than 40 earthquakes — ranging from a magnitude 3.5 to 5.8 — ... Read more »

Kimberly Potter trial: Opening statements to begin in trial of ex-cop who killed Daunte Wright

Opening statements in the trial of a suburban Minneapolis police officer who fatally shot Daunte Wright during a routine traffic stop are expected Wednesday in the same courtroom where another ... Read more »

Man sought to kill school students ‘in name of Kyle Rittenhouse': cops

Fetus High School increased it’s school resource patrols after learning of the possible shooter threat. A deranged Missouri man threatened to kill students at a high school “in the name ... Read more »

Man jailed for murder of girlfriend he stabbed 55 times before asking mum to cover it up

Ian Bennett murdered his girlfriend while mum Lynda Bennett (right) helped cover it up. (Reach) A man who stabbed his girlfriend to death before asking his mum to help cover ... Read more »

Covid: UK records 45,961 cases and 180 deaths in latest daily figures

(PA) The UK recorded 45,961 Covid cases and 180 deaths on Tuesday, according to the latest daily figures. It is lower than Monday’s total of 51,459 but well above last ... Read more »

Wednesday Wisdom: Shilpa Shetty shares a million dollar quote on real beauty and it's ‘priceless'

Shilpa Shetty Kundra is one of the actresses who is quite on social media. The diva is not just seen sharing stunning pics of herself on Instagram, she is also ... Read more »

Ankita Lokhande suffers leg injury ahead of her wedding with beau Vicky Jain!

© Provided by Zee News New Delhi: Ahead of her wedding with beau Vicky Jain, TV actress Ankita Lokhande sprained her leg and was rushed to the hospital on Tuesday ... Read more »

Women will love my character in 'Atrangi Re': Sara Ali Khan

© Provided by Zee News MUMBAI: Ahead of the release of ‘Atrangi Re’, actor Sara Ali Khan opened up about her character of Rinku in the film. According to her, ... Read more »

Bigg Boss 15: Karan Kundrra strikes off Tejasswi Prakash's name during a task, says ‘It's not working out'

© Provided by Pinkvilla The upcoming episode will bring a major disappointement for the people who are rooting for Karan and Tejasswi Prakash’s relationship. The couple had formed a good ... Read more »

RRR: SS Rajamouli's period drama starring Ram Charan, Alia Bhatt & Jr NTR to be over 3 hours long?

A day before SS Rajamouli and team drop the trailer of the highly anticipated film RRR, Pinkvilla got its hands on some crucial information. The period drama starring Ram Charan, ... Read more »

Amma Ariyathe, December 8, 2021, Written Update: Draupadi heartbroken at Ambadi's condition

© Provided by Pinkvilla As the episode starts, Narasimhan questions Maran if Ambadi was with him all night. Maran tells him that he was, as Ambadi was really sick last ... Read more »

Restaurant Association: Industry won't survive stricter lockdown measures

©… Image: © Jozef Polc / JOHANNESBURG – Cabinet met on Wednesday and lockdown regulations were on the agenda. In the last 24 hour reporting cycle, another 13,000 people ... Read more »

News boss Phathiswa Magopeni under fire amid fears that SABC entering a new phase of capture

SABC CEO and chairperson exerted political pressure on the Group Executive for News and Current Affairs to give the ANC positive coverage ahead of the election, according to a grievance ... Read more »

Fikile Mbalula demands R2-million from GroundUp reporters over luxury home story

The minister accuses us of defamation but neglects to point out any factual errors in our article. © Copyright (c) Daily Maverick , All Rights Reserved Minister of Transport Fikile ... Read more »

Legislation needed for land restitution even if Constitution is amended - expert

© Kaylynn Palm/EWN Rural women from the Western Cape marched to Parliament on 15 October 2020, demanding productive land, land expropriation and a basic income grant. A constitutional law expert ... Read more »

Mike Defensor believes ABS-CBN should not be threatened if Bongbong Marcos becomes president

On Tuesday, December 7, Congressman Mike Defensor believed that Ferdinand “Bongbong” Marcos Jr. is not a threat against ABS-CBN if ever he wins the presidential race. © Provided by LionhearTV ... Read more »

Over 1M Pfizer COVID-19 vaccine doses arrive in Philippines

© National Task Force Against COVID-19 Over 1M Pfizer COVID-19 vaccine doses arrive in Philippines (Dec. 8, 2021) A total of 1,082,250 doses of the Pfizer-BioNTech COVID-19 vaccine procured by the government arrived in the Philippines on Wednesday evening. ... Read more »

US House passes $768bn defense bill in bipartisan vote despite progressive criticism – live

© Photograph: Bryan Dozier/REX/Shutterstock The US Capitol in Washington DC on 7 November 2021. LIVE – Updated at 14:57 Bill includes pay raise for troops and overhaul of military justice ... Read more »

Jake Paul backed to snub Tommy Fury and fight UFC legend next year

Anthony Taylor has backed Jake Paul to snub a rescheduled meeting with Tommy Fury and instead pursue a bout with UFC legend Anderson Silva. The YouTube star will face a ... Read more »

Antonio Conte admits ‘serious' Covid-19 outbreak at Tottenham has left club ‘scared' after 13 positive tests

© Tottenham Hotspur FC via Getty Images AntonioConte2511C Antonio Conte says Tottenham’s Covid-19 situation is “serious” and that everyone at the club is “scared”, as he questioned why Thursday’s match ... Read more »

Anupamaa BIG Twist: Vanraj doesn't want Anu back; will leave her shocked with his new changed avatar and advice

© Provided by Anupamaa Spoiler Alert December 8, 2021: The TV show Anupamaa starring Rupali Gaguly, Madalsa Sharma, Sudhanshu Panday and Gaurav Khanna is getting more and more interesting ... Read more »
On you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic