Affirm Holdings Inc

Capital One CEO and Chairman, Richard Fairbank.Marvin Joseph| The Washington Post | Getty ImagesCapital One's recently announced $35.3 billion acquisition of Discover Financial isn't just about getting bigger — gaining "scale" in Wall Street-speak — it's a bid to protect itself against a rising tide of fintech and regulatory threats.It's a chess move by one of the savviest long-term thinkers in American finance, Capital One CEO Richard Fairbank. As a cofounder of a top 10 U.S. bank by assets, his tenure is a rarity in a…

A young man holds a credit card and uses a laptop for online shopping.Diy13 | Istock | Getty ImagesAmericans shopping online after midnight often make riskier transactions and are more likely to default on their loans, according to Affirm Chief Financial Officer Michael Linford.The fintech firm uses the hour a consumer attempts a transaction as a key data point to help determine whether to approve loans, Linford told CNBC in a recent interview. Other factors include a user's repayment history with Affirm and transaction…

Swedish buy now, pay later firm Klarna unveils a $7.99 monthly subscription plan called Klarna PlusCourtesy: KlarnaSwedish fintech firm Klarna is launching a monthly subscription plan in the U.S. to lock in its heaviest users ahead of an expected initial public offering this year, the company told CNBC.The product is set to be announced later Wednesday and will cost $7.99 per month, the Stockholm-based company said.Users of the subscription plan, named Klarna Plus, will get service fees waived, earn double rewards points…

Pedestrians walk by an advertisement for Klarna.Daniel Harvey Gonzalez | In Pictures via Getty ImagesWhen she started shopping for the holidays late last year, Kiki Andersen was struggling to buy her loved ones gifts. So she turned to a novel solution to get through the season: Buy now, pay later. The 31-year-old comedian from Los Angeles used Klarna and PayPal to split a variety of purchases into four interest-free payments spread out over a series of weeks. At the time, her upfront cost was about a quarter of the…

A UPS worker sorts packages in New York on Dec. 18, 2017.Adam Jeffery | CNBCOnline spending rose 4.9% year over year, setting a record for e-commerce during the holiday season, as shoppers pounced on discounts and leaned on buy now, pay later to cover more of their purchases, according to Adobe Analytics.Sales totaled $222.1 billion on retailers' websites and apps from Nov. 1 to Dec. 31, according to Adobe.Adobe's data covers more than 1 trillion visits to U.S. retail websites, 100 million unique items and 18 total…

Drew Angerer / Getty Images A year ago, there was little holiday cheer at Affirm. The point-of-sale lender was confronting rising interest rates, recession fears and weakening consumer spending. Affirm shares ended 2022 down 90%, wiping out billions of dollars in market value.Affirm investors are wrapping up 2023 in a much different mood.The stock skyrocketed 430% in 2023, as of Wednesday's close, outperforming all other U.S. tech companies valued at $5 billion or more. The next-best performer was Coinbase, which shot up…

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 1, 2023.Brendan Mcdermid | ReutersThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.What you need to know todayJust a bit more to goU.S. markets were near flat Thursday, with the S&P 500 on the cusp of a record close. Asia-Pacific markets…

A Walmart-backed startup is looking to compete with buy now, pay later companies.The venture, called One, is gearing up to launch its own version of the payment service as soon as next year, according to a source familiar with the matter.One, which is majority-owned by Walmart, wants to launch a service that shoppers could use at Walmart's website and stores, as well as at other retailers, the source said. The effort was motivated in part by a more challenging economic backdrop and consumers feeling pinched by…

Check out the companies making headlines before the bell:Tesla (TSLA) – SEC filings show CEO Elon Musk sold nearly $4 billion in Tesla shares in the days following his purchase of Twitter. Tesla shares added 1.5% in the premarket.Meta Platforms (META) – The Facebook parent's shares rallied 4.3% in premarket trading after the company announced it was laying off 13% of its workforce, or more than 11,000 workers.DR Horton (DHI) – The home builder's stock slid 3.1% in the premarket after it missed top and bottom line…

CNBC's Jim Cramer on Tuesday highlighted his list of "dirty dozen" companies that exemplify the losses incurred by investors who funneled their cash into initial public offerings and other risky stocks."Some of the most egregious offenders were the dirty dozen that hit you with repeated unsportsmanlike conduct … and ultimately put your portfolio on injured reserve," he said.related investing newsHere are the stocks most heavily shorted on Wall Street, including this underperforming retailerHere are the dirty…