Like PayPal, but exclusively focused on offering transparent 'buy now, pay later' installment payments directly at checkout.

Imagine a bank's personal loan department, but one that offers instant, fixed-term loans for your online and in-store purchases, right at the point of sale.

• Buy Now, Pay Later (BNPL) Installment Loans: These financial services allow consumers to split purchases into fixed payments over a set period, often with interest or sometimes interest-free.
• Affirm Card: This physical or virtual card enables users to extend Affirm's pay-over-time functionality to a wider range of purchases, leveraging their existing Affirm credit line.
• Affirm Savings Account: A high-yield savings account offered to consumers, provided in partnership with Cross River Bank.
• Merchant Solutions: Affirm provides businesses with tools and platforms to integrate its BNPL options directly into their checkout process, helping merchants increase sales and customer conversion.

Affirm (AFRM) primarily sells its "Buy Now, Pay Later" (BNPL) payment and financing solutions to other companies, specifically merchants, who then offer Affirm as a payment option to their individual customers. Affirm generates revenue through merchant fees and interest charged to consumers on the loans it originates through these partnerships. Therefore, its major customers are the large merchant partners that integrate its platform.

Its major merchant customers and partners include:

• Amazon (AMZN)
• Shopify (SHOP)
• Walmart (WMT)
• Target (TGT)
• Peloton Interactive (PTON)

These companies integrate Affirm's payment platform into their checkout process, enabling their shoppers to split purchases into installments. The high volume of transactions facilitated through these key partnerships represents significant business for Affirm.

• Cross River Bank
• Amazon Web Services (AMZN)

Max Levchin, Founder and CEO

Max Levchin co-founded PayPal, serving as its Chief Technology Officer until its acquisition by eBay in 2002. He later founded Slide, a personal media-sharing service, which was acquired by Google in 2010 for $182 million. Levchin also helped create Yelp Inc., where he was Chairman of its Board of Directors from its founding in 2005 until July 2015. He is also the co-founder and Chairman of Glow, a data-driven fertility company, both launched from his innovation lab, HVF (Hard, Valuable, Fun).

Robert O'Hare, Chief Financial Officer

Robert O'Hare was appointed CFO of Affirm in November 2024. Prior to this, he served as Affirm's Senior Vice President of Finance for over four years. He previously held CFO roles at Tile and Spark Networks. O'Hare also worked in finance and strategy at Square (now Block, Inc.), was Director of Financial Planning & Analysis at Pandora, and held roles at Spitfire Capital LLC and Spectrum Equity, a private equity firm.

Libor Michalek, President

Libor Michalek oversees engineering, risk, operations, product, and design at Affirm. He previously served as President of Technology and Chief Technology Officer at Affirm. Before joining Affirm, Michalek was an Engineering Director at YouTube and Google. Earlier in his career, he was the Chief Technology Officer of Slide, a personal media-sharing service, which was acquired by Google in 2010.

Michael Linford, Chief Operating Officer

Michael Linford is the Chief Operating Officer at Affirm, overseeing finance, capital markets, internal audit, and people functions. He previously served as Chief Financial Officer for Hewlett-Packard Enterprise Software, where he led commercial work for all HPE separations and was VP of M&A Integration at HP. Linford also spent seven years as a Principal in the KKR Capstone operations team at global investment firm KKR & CO.

Katherine Adkins, Chief Legal Officer and Chief Compliance Officer

Katherine Adkins has served as Affirm's Chief Legal Officer and Chief Compliance Officer since July 2021. Before joining Affirm, she spent nearly 20 years at the finance arm of Toyota Motor Corp., where she served as Group Vice President, General Counsel, and Secretary of Toyota Financial Services. Adkins has over 25 years of experience in the automotive, financial services, and financial technology industries.

Competitive Pressure

Credit Risk and Macroeconomic Conditions

Regulatory Uncertainty

• Intensified competition from established technology companies and financial institutions: The rollout and expansion of offerings like Apple Pay Later, as well as similar installment payment options from PayPal and major banks (e.g., Citi Flex Pay, Chase My Chase Plan), directly compete with Affirm's core Buy Now, Pay Later (BNPL) service. These competitors possess vast existing customer bases, significant financial resources, and often integrate their solutions directly into their platforms or hardware, potentially bypassing third-party BNPL providers.
• Increased regulatory scrutiny and potential for new regulations: Financial regulators, notably the U.S. Consumer Financial Protection Bureau (CFPB), are actively investigating and considering new rules for the BNPL industry. Potential regulations include requirements for mandatory credit checks, stricter disclosure standards, limits on fees, and reporting consumer payment activity to credit bureaus. Such regulatory changes could significantly increase Affirm's operating costs, constrain its customer acquisition strategies, reduce its addressable market, and alter its profitability model.

Buy Now, Pay Later (BNPL) / Point-of-Sale Installment Loans

• United States: The Buy Now, Pay Later (BNPL) market in the United States is projected to reach approximately $122.26 billion to $170.32 billion in 2025. Some estimates indicate total spending climbing to $97.25 billion in 2025. Another report indicates the US BNPL market was valued at USD 170.32 billion in 2025 and is on course to reach USD 367.85 billion by 2030. The BNPL sector is projected to expand from its 2024 value of USD 109.00 billion to approximately USD 184.05 billion by the end of 2030.
• Global: The global BNPL market reached $340 billion in 2024 and is expected to grow at a 12.3% CAGR through 2030. Other projections estimate the global market to grow from USD 37.19 billion in 2024 to USD 167.58 billion by 2032 or from USD 19.22 billion in 2024 to USD 83.36 billion by 2034. There is also a more optimistic projection that the BNPL market, valued at $120 billion in 2020, is on track to reach $3.2 trillion by 2030.

Overall U.S. E-commerce Market

• United States: The U.S. e-commerce market is expected to reach between $1.25 trillion and $1.29 trillion by the end of 2025. This market reached approximately USD 1.11 Trillion in 2024 and is projected to grow to USD 4.37 Trillion by 2034.

Affirm Card and Savings Account

Affirm (AFRM) is positioned for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market expansions:

1. Increased Gross Merchandise Volume (GMV) from a Growing Base of Active Consumers and Merchants: Affirm continues to demonstrate significant growth in its core business metric, Gross Merchandise Volume. The company reported a record GMV of $10.8 billion in Q1 Fiscal Year 2026, marking a 42% increase from the prior year. This growth is fueled by an expanding active consumer base, which reached 24.1 million (up 24% year-over-year), and an increase in transactions per active consumer to 6.1 (up 20%). The expansion of active merchants also contributes to this fundamental growth in transaction volume.
2. Expansion and Deepening of Strategic Partnerships and Merchant Integrations: Key partnerships are pivotal for Affirm's revenue growth. The extended agreement with Amazon, now through January 2031, and the expansion with Shopify in the UK are significant contributors to Affirm's robust performance. Affirm is also expanding its wallet partnerships, including integrations with Apple Pay and Google Pay, to move beyond e-commerce into in-store commerce and further embed its buy-now-pay-later options at the point of checkout for a broader network of merchants.
3. Growth and Diversification of Product Offerings: The Affirm Card has shown substantial growth, with its Gross Merchandise Volume increasing by 135% and active cardholders reaching 2.8 million. The company plans to further scale the Affirm Card and enhance engagement through personalized incentives. Additionally, Affirm is expanding into new verticals, such as service, automotive repair, and elective medical procedures, and focusing on broadening its 0% APR offerings, which attract a wider range of consumers.
4. International Market Expansion: Affirm is actively pursuing growth in new geographies. Following its launch in the UK, the company has plans to extend its operations into Continental Europe and Australia. This international expansion strategy is expected to open new markets and significantly contribute to future revenue generation by reaching a larger global consumer and merchant base.

Share Repurchases

• Affirm repurchased $250 million of common stock in connection with the issuance of 2029 Notes.
• The board authorized the repurchase of up to $200 million in outstanding 2026 convertible notes for the period from July 1, 2025, through December 31, 2025.
• As of September 30, 2025, $174 million of this authorization for convertible note repurchases remained available.

Share Issuance

• As of June 30, 2025, 284,378,565 shares of Class A common stock were issued and outstanding, an increase from 267,305,456 shares as of June 30, 2024.
• Additional paid-in capital rose to $6,053,917 thousand as of September 30, 2024, from $5,862,555 thousand as of June 30, 2024.
• As of June 30, 2024, there were 43,492,755 shares of Class A common stock available for future grants under the company's plan.

Inbound Investments

• Affirm has issued convertible senior notes with an aggregate principal balance of $1.2 billion.
• The company maintains a revolving credit facility with a $330 million commitment and has drawn $1.1 billion on its warehouse credit facilities.
• Affirm has attracted a diverse array of investors, including insurance companies, alternative asset managers, sovereign wealth funds, pension funds, and hedge funds, through its expanded and diversified capital platform.

Outbound Investments

No information available.

Capital Expenditures

• In fiscal year 2025, Affirm Holdings's capital expenditure was -$192.19 million.
• Stock-based compensation included in capitalized internal-use software amounted to $178,461 thousand for the year ended June 30, 2025.
• Affirm continues to invest in all of its channels and long-term capital partnerships to expand funding capacity, focusing on deepening stable access to funding and driving operational efficiencies.