Shares of Affirm were sinking after fintech peer Klarna announced it will be the sole provider of “buy now, pay later” loans for Walmart in the United States this year. That’s a negative for Affirm, which first announced a partnership with Walmart in 2019.

Affirm shares are tumbling after rival Klarna, which is preparing to go public in the U.S., said it is now the exclusive provider of Buy Now, Pay Later loans for Walmart.

Swedish fintech Klarna will become the exclusive buy-now-pay-later provider at Walmart in the U.S., replacing rival Affirm. Shares in Affirm fell 7% in premarket trading. Dig deeper: