Affirm Shuts Down Returnly And Partners with Loop Returns
Loop is a return management app that grows with Shopify brands.
A lot going on in this one, and it’s caused ripples in the eCommerce returns market. You might recall that back in April 2021, Affirm acquired Returnly for approximately $300 million. I always thought it was an odd fit, except for the fact that Returnly was basically a payments business which offered instant credit to shoppers at the time of a return in order to facilitate an exchange.
It turns out that didn’t work out too well. Affirm is shutting down Returnly by October, which is pretty soon in eCommerce terms. No doubt Returnly’s 1,500 merchants weren’t planning on switching returns providers in time for holiday, but I guess your roadmap just changed! As part of a new agreement with Loop Returns, which becomes the preferred returns provider for all these merchants.
