In the second quarter of 2025, Modena continued to expand its Buy Now, Pay Later (BNPL) offering, delivering solid results despite the sector’s seasonal slowdown.

We issued a total of €4.1 million in BNPL contracts during Q2 — a 23% increase compared to the same period in 2024. As expected, volumes were down 9% from Q1, reflecting the typical seasonal pattern in the BNPL market. Historically, the second quarter sees lower demand, as many purchases for the first half of the year are made in late Q1, and consumer activity slows with the onset of summer holidays.

Through modena.capital, our investors financed €3.2 million worth of BNPL contracts in Q2. Portfolio quality remained strong, with a default rate of just 0.4% of the principal issued — underscoring the resilience of the asset class and the effectiveness of our underwriting process.

We remain committed to providing investors with transparent performance insights and to capturing growth opportunities in the evolving BNPL landscape.