Reggie Smith's questions to Affirm Holdings (AFRM) leadership • Q4 2025
Question
Reggie Smith of JPMorgan Chase & Co. asked about Affirm's penetration and growth within the non-Shopify e-commerce PSP channel and sought clarification on the volume impact from a large merchant transitioning away.
Answer
Founder & CEO Max Levchin noted that while it's still 'pretty early' in non-Shopify PSP channels, they are an important and accretive growth driver. CFO Rob O'Hare clarified that the company's outlook conservatively assumes zero volume through the departing merchant's integration after the end of fiscal Q1.