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Joel Rykers

Vice President and Equity Research Analyst at William Blair

Joel Rykers is a Vice President and Equity Research Analyst at William Blair, specializing in the fintech and consumer lending sectors. He covers companies such as Affirm Holdings and provides analysis that contributes to earnings discussions and investor insights, although specific ranked performance metrics and return figures are not publicly available. Rykers began his career in financial analysis in the early 2010s, joining William Blair after gaining experience at other financial or research-focused firms, and has since advanced to a leadership role within the research team. He holds required securities licenses including FINRA Series 7 and 63 registrations, supporting his expertise in investment analysis and research compliance.

Joel Rykers's questions to Affirm Holdings (AFRM) leadership

Question · Q1 2026

Joel Rykers inquired about top-of-wallet behavior on the Affirm Card, any substitution dynamics with traditional bank cards, and the share of Affirm Card usage with Amazon and Shopify partners.

Answer

Max Levchin noted positive trends in discretionary spend capture and higher starting points for new Affirm Card cohorts, indicating strong performance. He stated that Affirm is capturing spend that might not have occurred with credit cards and potentially cannibalizing existing credit card volume. He declined to provide specific breakdowns for Amazon and Shopify but emphasized significant 'green space' and runway for growth in both partnerships through ongoing optimization and new product integration.

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Question · Q1 2026

Joel Rikers asked about top-of-wallet behavior and substitution dynamics for the Affirm Card, as well as the quantifiable share of card with Amazon and Shopify partnerships.

Answer

Max Levchin, Founder and CEO, reported nice trends in discretionary spend capture and higher starting points for new Affirm Card cohorts. He stated that Affirm is capturing spend that wouldn't have happened with credit cards. He added that for Amazon and Shopify, there's significant 'green space' and runway for continued growth beyond initial launches, through ongoing optimization and new product integration.

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