Affirm

What Affirm does

Affirm Holdings, Inc. (NASDAQ: AFRM) is a US-based, publicly traded financial technology company founded in 2012 by Max Levchin (PayPal co-founder) that operates a buy-now-pay-later (BNPL) platform providing installment loans and flexible payment options to consumers at the point of sale. Its product suite spans four interest-free bi-weekly "Pay in 4" plans, longer 3- to 36-month installment loans at 0-36% APR, the Affirm Card (a Visa debit card issued through Evolve Bank & Trust and Stride Bank enabling pay-over-time anywhere Visa is accepted), Affirm Money (a deposit account at Cross River Bank), and Affirm Edge, which embeds BNPL directly into bank and credit-union debit-card apps via FIS and Fiserv resellers. The company applies a proprietary real-time, transaction-level underwriting model ("agentic credit") and an "Adaptive Checkout" engine that personalizes payment options per transaction, supported by a closed-loop transaction-and-repayment data network.

Affirm monetizes through merchant commissions (a take-rate on each transaction routed through merchant integrations), interest income on its held loan portfolio, and gains on loan sales to institutional investors via forward-flow agreements and asset-backed securitizations. Capital partners include CPP Investments (up to $2.2B committed, ~$14B cumulative since 2019), One William Street Capital Management (~$4B cumulative, with a new ~$1.5B dedicated fund through 2027), and New York Life (up to $750M outstanding supporting ~$1.75B annual volume), providing ~$28.2B in total funding capacity against a ~$8.57B loan portfolio. The company has filed for a Nevada industrial bank charter (Affirm Bank) that, upon approval, is expected to originate 40-50% of loan volume with ~$350M of initial capital.

Distribution is two-sided and deep: 26.8 million active consumers (22% YoY growth, 96% repeat) and 337,000+ active merchants across a 515,000+ partner network that includes Amazon, Shopify (exclusive global BNPL via Shop Pay Installments), Target, Costco, Apple, The Home Depot, Lowe's, Peloton, Expedia, Priceline, and Royal Caribbean. Affirm also integrates through Stripe (US, Canada, UK), Google Pay/AI Mode/Gemini, Apple Pay, and e-commerce platforms including Salesforce Commerce Cloud, BigCommerce, Magento, WooCommerce, Wix, and GoDaddy. The company is headquartered in San Francisco, operates across the US, Canada, UK, and Australia, reported FY2025 revenue of ~$3.22B with first GAAP profitability ($52.2M net income), and is guiding FY2026 revenue of $4.175-$4.205B with a $100B FY2029 GMV target.

Name

Affirm

Legal name

Affirm Holdings, Inc.

Website

https://affirm.com

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

1,001–5,000 employees

Ownership category

akta.pro rank

Product category

Consumer Lending / Buy Now Pay Later

NAICS

Sales Financing (522220), Credit Intermediation and Related Activities (522)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

Merchant-Integrated BNPL (Online Checkout) (FSAKACAA)

akta.pro secondary industries

Merchant-Integrated BNPL (Checkout POS Financing) (FSAGAIAA), BNPL for High-Ticket / Longer-Term Installments (FSAKACAN), In-Store / In-Person BNPL (POS) (FSAKACAB), BNPL Consumer Apps & Wallets (Discovery, Management) (FSAGAIAG), Buy Now, Pay Later (BNPL) Platforms (BPAMAFAG)

Keywords

• Buy now pay later
• Consumer lending
• Point of sale financing
• Installment loans
• Embedded finance

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Technology or R&D, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Merchant Network Revenue: Affirm earns commissions from merchants when consumers use Affirm to complete purchases. This is the primary revenue driver from the merchant side of the platform.
2. Interest Income and Loan Sales: Affirm generates interest income from its loan portfolio and recognizes gains on loan sales. The company sells installment loans to institutional investors through forward-flow agreements and asset-backed securitizations.
3. Capital Partnership Facilitation: Affirm partners with institutional investors (New York Life, CPP Investments, One William Street Capital) to purchase installment loans on a forward-flow basis, enabling approximately $1.75B to $8B in consumer loan volume annually.
4. Card Network Revenue: Revenue generated from the Affirm Card program, including interchange fees and card-related transaction income. The Affirm Card drives direct-to-consumer GMV and has grown to 4.4 million users.

Pricing tiers

Go-to-market motion2 records

Distribution channels9 records

Marketing channels8 records

Core offering

Affirm operates a point-of-sale Buy Now Pay Later (BNPL) lending platform that offers consumers short-term installment loans (Pay in 4) and longer-term monthly financing (0-36% APR) at checkout. The company earns revenue primarily from merchant transaction fees when shoppers use Affirm to pay, supplemented by interest income on its loan portfolio. It also distributes a Visa debit Affirm Card and an Affirm Money banking account.

Product overview

Affirm is a buy-now-pay-later fintech platform offering a suite of payment solutions. The core product is the Affirm BNPL service using Adaptive Checkout technology that personalizes payment options per purchase, from 4 interest-free payments to 36-month installments. The Affirm Card (Visa debit) enables pay-over-time functionality at millions of merchants. Affirm Edge embeds BNPL into bank and credit union apps through FIS and Fiserv. The merchant platform serves over 337,000 merchants with solutions for conversion, omnichannel, and industry verticals. Additional offerings include Affirm Money accounts and a browser extension for desktop shopping.

Differentiator

Problem solved

Functional benefit

Brands

• Affirm Card: A flexible Visa debit card issued by Evolve Bank & Trust or Stride Bank that allows users to pay over time or in full at millions of merchants
• Affirm Money
• Affirm Edge
• Affirm Bank

Products and services

• Affirm Buy Now Pay Later

Quantifiable outcome

• 26.8 million active consumers as of March 2026, up 22% YoY
• +12 more outcomes

Named customers17 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability6 records

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• ShopifycoreStrategic or Co-development PartnerExclusive global partnership with Shopify for BNPL integration via Shop Pay Installments. Deepening partnership in 2026 as part of Affirm's three-pronged growth strategy. Shopify merchants can offer Affirm payment options through Shop Pay Installments, with Shopify CEO Tobi Lütke invested in competitor KOHO.
• FIScoreTechnology or IntegrationTechnology reseller partnership through Affirm Edge initiative to embed BNPL functionality into banking apps. FIS and its subsidiary Fiserv are the primary technology resellers targeting smaller financial institutions with Affirm's embedded finance solutions.
• FiservcoreTechnology or IntegrationTechnology reseller partnership through Affirm Edge initiative. Fiserv enables smaller banks and credit unions to offer Affirm's BNPL functionality within their existing debit card infrastructure, targeting 130 million 'debit first' consumers.
• StripecoreStrategic or Co-development PartnerExpanded partnership with Stripe to bring Affirm BNPL solutions to U.K.-based Stripe merchants for the first time, building on existing work in Canada and the U.S. Also collaborating on AI-powered commerce solutions and shared payment tokens. Affirm has an existing integration with Shopify.
• Royal Caribbean GroupminorStrategic or Co-development PartnerExpanded partnership with Royal Caribbean to offer installment payment options for cruise bookings in UK and Canada markets, building on existing US relationship. Allows travelers to finance cruise bookings with transparent payments without compounding interest.
• IntuitminorStrategic or Co-development PartnerPartnership integrating Affirm's BNPL functionality directly into QuickBooks Payments, allowing eligible businesses to offer customers flexible payment options while receiving payment upfront. Addresses cash flow challenges for small businesses.
• GooglecoreStrategic or Co-development PartnerExpanded partnership to integrate Affirm's BNPL options into Google Search (including AI Mode) and the Gemini app via Google Pay. Rollout to consumers and merchants beginning in coming weeks. Also developing BNPL extensions for Google's Universal Commerce Protocol for agentic commerce.
• BackcountryminorChannel Partner/ Reseller/ DistributorBackcountry, an online specialty retailer of outdoor gear and apparel, partnered with Affirm to offer BNPL payment options at checkout for eligible shoppers. Covers Backcountry and family of brands including Competitive Cyclist, MotoSport, Steep & Cheap, and Level Nine Sports.

Scale indicators31 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Klarna: Klarna is Affirm's closest direct BNPL competitor, offering Pay in 4 and longer-term installment loans at online checkout with a global merchant network. It displaced Affirm as Walmart's primary BNPL provider in March 2025 and operates a similarly positioned fintech platform with comparable product and target merchants.
• Afterpay (Block): Afterpay, owned by Block, pioneered the Pay-in-4 BNPL model and competes head-to-head with Affirm at online checkout. Both target millennial/Gen Z consumers with interest-free short-term installments and pursue exclusive merchant integrations.
• PayPal Pay Later: PayPal's Pay Later (formerly Pay in 4 and Pay Monthly) offers installment loans at checkout directly within PayPal's existing 400M+ account base. It is a direct competitor leveraging PayPal's incumbent checkout dominance and global merchant network.
• Zip Co: Zip offers BNPL services across the US, Australia, and other markets with similar Pay-in-4 and installment products. It is a direct competitor targeting comparable merchants and consumers with a similar product-led, merchant-integrated model.
• Sezzle: Sezzle is a US-focused BNPL provider offering Pay-in-4 and longer-term installment plans via merchant integrations. It competes in the same product category with a similar target audience, though at smaller scale than Affirm.
• Splitit: Splitit offers installment payments by splitting existing credit card balances into monthly payments. It targets the same checkout-financing use case as Affirm but via a card-rail model rather than originating new loans.

Broad incumbents

• Apple (Pay Later / Pay in 4): Apple has offered installment payment options (Apple Pay Later, now Pay in 4 via Apple Card partners) and represents a broad incumbent with massive distribution. Its wallet integration through Apple Pay is a direct integration partner for Affirm, but also a potential competitor given its scale.
• Block (Cash App): Block owns Afterpay and Cash App, both of which overlap with Affirm's BNPL and consumer finance offerings. Block's broader fintech ecosystem (Square, Cash App, Tidal) gives it distribution advantages Affirm does not have.

Regional players

• Tabby: Tabby is a leading BNPL provider in the Middle East and North Africa, offering Pay-in-4 and installment products comparable to Affirm's. It is a regional peer pursuing similar product-market fit in MENA rather than directly competing in Affirm's core US market.
• Atome: Atome is a BNPL provider primarily active in Southeast Asia (Singapore, Indonesia, Malaysia, etc.) offering Pay-in-3 installments at merchant checkout. It is a regional peer operating in adjacent geographies with a similar installment product but not directly competing in Affirm's markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Affirm
• Facebookfacebook.com/AffirmInc
• LinkedInlinkedin.com/company/affirm
• Instagraminstagram.com/affirm
• Pinterestpinterest.com/Affirm

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds17 records

Investors30 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A6 records

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Affirm