Andrew Jeffery

Andrew Jeffery at William Blair inquired about the monetization strategy for the Everything Exchange and the expected timeline for revenue diversification.

Answer

CFO Alesia Haas highlighted that diversification, particularly of tradable assets within the Everything Exchange, is a key focus for 2026, with derivatives expected to be a significant growth driver. She noted early encouraging signals from prediction markets and equities, but emphasized the need for more data. Haas also reiterated the company's achievement of 12 products generating over $100 million in annualized revenue, with six exceeding $250 million, aiming to scale these further by driving assets on the platform and increasing product stickiness.

Andrew Jeffery inquired about Affirm's growth dynamics, specifically the top five merchants' growth rate and their blending down as a concentration, asking if the business is truly widening out given strong new merchant adds and transactions per active user.

Answer

Max Levchin, Founder and CEO of Affirm Holdings, noted his focus on transactions per user and active consumers/merchants. Rob O'Hare, CFO of Affirm Holdings, clarified that the disclosed top five merchants for Q2 FY2026 differ from the prior year, influenced by a large merchant partner's transition, and affirmed satisfaction with GMV diversification.