Giuliano Bologna's questions to Affirm Holdings (AFRM) leadership • Q4 2025
Question
Giuliano Bologna of Compass Point asked about the potential for wallet partnerships to enable offline transactions and how this could drive incremental GMV growth and differentiate Affirm's underwriting.
Answer
Founder & CEO Max Levchin expressed strong excitement for the enormous offline opportunity, noting that major wallets share this interest. He identified the key challenges as consumer awareness and technical 'tender delivery' integration, both of which Affirm is actively solving. He believes the market is now primed to promote BNPL as a key conversion driver in-store.