What the Affirm IPO means for buy now, pay later rivals

The initial public offering, and subsequent doubling in the value, of Afterpay's buy now, pay later rival Affirm marked the arrival of the sector as far as US sharemarket investors are concerned.

BNPL was already closely followed by Australian investors, fintech observers and venture capitalists. But now many more minds are focusing on its potential and the appropriate valuations of the major players.