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'Buy now, pay later' stocks tumble after U.S. consumer watchdog launches probe
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cnbc.comIn this article
Shares of several «buy now, pay later» firms sank sharply after the U.S. consumer watchdog opened an investigation into the sector.
The Consumer Financial Protection Bureau said Thursday it was seeking information from Affirm, Afterpay, Klarna, PayPal and Zip on the risks and benefits of their products.
BNPL services let shoppers defer payment for items, typically over a period of monthly installments and with no interest attached — though some do charge hefty late payment fees.
The CFPB said it was especially concerned by the ability for consumers to quickly accumulate debt through BNPL plans, as well as a lack of sufficient regulatory disclosures and the harvesting of data.
Multiple BNPL companies saw their stock price
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