Shares of Shopify (NYSE: SHOP) jumped 13.6% on Friday after the online retail platform extended its collaboration with buy now, pay later (BNPL) services provider Affirm (NASDAQ: AFRM). The multi-year deal keeps Affirm as Shopify's exclusive BNPL partner in the U.S. Affirm will power Shopify's Shop Pay Installments service, which has proved popular with online business owners and consumers alike. As part of the deal, Affirm will make its Adaptive Checkout product available to Shopify's merchants.
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As of 10:50 a.m. ET, shares of Affirm Holdings (NASDAQ: AFRM) traded roughly 21% higher, Payoneer Global (NASDAQ: PAYO) was up more than 30%, and Toast (NYSE: TOST) gained more than 12%. Buy now, pay-later (BNPL) company Affirm reported a net loss of $0.19 earnings per share on total revenue of nearly $355 million, both numbers that beat analyst estimates for the quarter. Along with its quarterly results, Affirm announced that it had reached an agreement for a multiyear extension of its partnership with Shopify to continue to be the company's exclusive U.S. provider of installment payment plans on the platform.