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The five-minute guide to who’s winning in ‘buy now, pay later’

Hello and welcome to Protocol | Fintech! This Tuesday: Who wins the "buy now, pay later" mashup, the money behind income share agreements, and Monzo pulls its banking application.
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"Buy now, pay later" is the biggest change happening now in consumer credit, payments and shopping. So Protocol | Fintech took a deep dive into the industry.
Our latest manual includes my explainer on the industry's rapid rise, Ben's revealing interview with Affirm's Max Levchin, the 10 people you need to know in the business, the five major trends to make you an instant expert and the fast-arriving impact of regulation.
But if you need a quick guide, there are three companies you need to know. Affirm, Afterpay and Klarna are ferociously battling for shoppers' wallets, retailers' checkout pages and investors' dollars.
A local phenomenon has turned into a global brawl. Klarna, originally from Sweden, is the largest in the sector globally. But with many local players across different markets, there's still intense competition in many markets, from Colombia to Nigeria.
Big-ticket items are a big challenge. Affirm's strategy has been to go after more expensive items through deals with companies like Peloton, which gives it a leg up on competitors.
There really is an app for that. Merchant deals are a good way for "buy now, pay later" providers to get their name out. But the long game is a direct relationship with consumers — and that often takes the form of a do-everything super app.
The competition is ferocious, and sometimes confusing. But the stakes are no less than control over the future of payments and shopping. If you want to learn more, read our in-depth manual.
— Tomio Geron
Investment banking firms that fully implement CRM technology are flourishing. Banks that can effectively leverage their network have a huge advantage at both sourcing and executing deals. Learn how you can do the same.
The financial system behind income share agreements. Fintech lenders and regulators don't agree on whether income share agreements are loans. But Wall Street sees a big opportunity nonetheless.
Google ditches banking product. The accounts, which were once a big part of its fintech plans, connected to banks such as Citi.
The Inside View with Bill McDermott: ServiceNow is quickly becoming one of enterprise technology's most well-known names. Protocol | Enterprise's Joe Williams talks to its CEO to learn what's ahead for the company and how it plans to hit $15 billion in annual revenue. Join us on Oct. 12 at 10 a.m. PT / 1 p.m. ET. RSVP here to reserve your spot while space is available.
What fintech trend are you most excited about?
I think the rise of embedded data security within fintech is exciting and important. There are great identity verification and KYC companies solving for data security issues by building products that are easily embedded within different fintechs. I'm looking forward to seeing how this trend continues to evolve, as there's so many ways that these integrations can be compounded over time to create stronger layers of security.
What fintech trend is most troubling for you?
Fintech has created so many amazing tools for investing and managing personal finances. That said, there's still a lack of education that exists in the space, which makes it difficult for users to make well-informed, responsible decisions that serve their long-term goals. As someone who spends a lot of time thinking about how to help people navigate one of the biggest financial decisions of their lives, I think there is a need for more upfront education around potential risks in many areas.
What fintech company have you been most impressed with this past year?
I've been really impressed by Policygenius. They offer the ability to seamlessly shop around for various types of insurance products (i.e., life, car, home) while providing a consistent level of service. Similar to mortgages, obtaining insurance can be very confusing and difficult to navigate, so I've been impressed by the unbiased tools they've created to help consumers figure out exactly what kind of insurance they need and sort through all the jargon.
In recent years, CRM technology has evolved. What was once a contact storage tool is now the driving force behind leading financial firms. Relationship intelligence means fully leveraging your bank's collective network. Get intros to more sellers, stay in front of more buyers, and never worry about nurturing your important relationships.
That's the surprisingly high percentage of millennials who still use paper checks to pay their rent, according to a PYMNTS report.
Thanks for reading — see you Friday!
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