Affirm Holdings (AFRM) Company Report

Affirm has expanded its multi-year partnership with Expedia Group, becoming the exclusive "Buy Now, Pay Later" (BNPL) provider for accommodations and packages across Expedia, Hotels.com, and Vrbo in the United States.
The partnership will also extend to Canadian travelers for certain accommodations in the coming weeks.
Travelers can access personalized monthly payment plans for up to 24 months, with eligible U.S. travelers offered 0% APR options for 3 or 6-month plans.
Affirm's model ensures no compound interest or late fees are charged to consumers.

4 days ago

Press Release

Affirm Remains Dominant in Expanding Global BNPL Market

AFRM

New Projects/Investments

Revenue Acceleration/Inflection

The global Buy Now Pay Later (BNPL) market is forecast to grow by 18.9% annually to US$509.2 billion in 2026, and is projected to reach approximately US$1.00 trillion by 2031 from its 2025 value of US$428.2 billion.
The BNPL market is undergoing structural shifts, with increased competition from banks, card networks, and fintech-adjacent payment platforms, which may pressure pure-play BNPL firms to consolidate, partner, or adopt embedded-financing models.
Among established pure-play BNPL firms, Affirm remains dominant globally, continuing to offer point-of-sale loans and virtual/physical cards, and expanding its integrations with merchants and banking partners.

5 days ago

Press Release

Affirm Partners with Bolt for Buy Now, Pay Later Integration

AFRM

New Projects/Investments

Product Launch

Revenue Acceleration/Inflection

Affirm has entered a strategic partnership with Bolt, becoming the default buy now, pay later (BNPL) provider across Bolt's checkout experience in the United States.
This integration will embed Affirm's flexible payment options directly into Bolt's one-click checkout, allowing merchants to offer biweekly or monthly payment plans, including options as low as 0% APR where eligible.
The partnership, which begins rolling out to select merchants this month, is designed to enhance conversion rates, increase average order value, and drive overall sales for Bolt merchants.

7 days ago

Press Release

Affirm and Fiserv Partner for Debit Card Pay-Over-Time Options

AFRM

Product Launch

New Projects/Investments

Affirm announced an exclusive collaboration with Fiserv to integrate pay-over-time capabilities into debit card programs for financial institutions.
This partnership will enable thousands of Fiserv's U.S. bank and credit union clients to offer flexible payment options to their debit cardholders.
The collaboration provides a turnkey integration leveraging Affirm’s platform for real-time underwriting, loan origination, and funding, allowing cardholders to split eligible purchases into fixed payments with no hidden fees.
This initiative expands on a previous partnership from 2022, which integrated Affirm into Fiserv's Commerce Hub.

8 days ago

Press Release

Affirm Applies for Nevada Bank Charter

AFRM

New Projects/Investments

Revenue Acceleration/Inflection

Management Change

Affirm has applied to establish Affirm Bank, a Nevada-chartered industrial loan company and FDIC-insured subsidiary, with the goal of diversifying its platform, lowering funding costs, and enabling new product innovation.
John Marion, who has over 25 years of experience, has been named president of the proposed Affirm Bank.
The company's business model is largely based on interest-bearing loans (over 70% of volume) and derives over 95% of its revenue from the U.S., reporting $36 billion in transaction volume for fiscal 2025.
In a recent quarter, Affirm reported gross merchandise volume growth of 42% to $10.8 billion and revenue growth of 34% to $933 million.

Jan 23, 2026, 6:16 PM

Bloomberg

Affirm Submits Applications to Establish Industrial Loan Company

AFRM

New Projects/Investments

Affirm Holdings, Inc. announced on January 23, 2026, that it has submitted applications to the Nevada Financial Institutions Division and the Federal Deposit Insurance Corporation (FDIC) to establish Affirm Bank.
The proposed Affirm Bank would be a Nevada-chartered industrial loan company, enabling Affirm to scale responsibly and operate as an FDIC-insured institution.

Jan 23, 2026, 4:55 PM

Press Release

Affirm Submits Applications to Establish Industrial Loan Company

AFRM

New Projects/Investments

Affirm Holdings, Inc. has submitted applications to the Nevada Financial Institutions Division and the Federal Deposit Insurance Corporation (FDIC) to establish Affirm Bank, a proposed Nevada-chartered industrial loan company.
The proposed bank subsidiary would enable Affirm to scale responsibly, expand access to financial products, and provide greater flexibility and diversification to its current business and bank partnership models.
If approved, the entity would operate as a wholly owned, Nevada-chartered, FDIC-insured bank subsidiary of Affirm, maintaining independent governance and internal controls.
John Marion, with over 25 years of experience in banking and fintech, has been selected to serve as President of Affirm Bank.

Jan 23, 2026, 2:00 PM

Press Release

Affirm Discusses Growth, Partnerships, and Capital Allocation

AFRM

Revenue Acceleration/Inflection

New Projects/Investments

Share Buyback

Affirm's CFO, Rob O'Hare, highlighted the Affirm Card as the fastest growing and most profitable part of the business, with internal goals to reach $7,500 in spend per active cardholder and 10 million cardholders.
The company renewed its partnership with Amazon for another five years, extending through January 2031, with terms largely consistent with the current program.
Affirm achieved incremental margins north of 75% over the past couple of years, attributed to its software-driven approach to credit problems and focus on operating leverage.
The current capital allocation strategy prioritizes buying back 2026 convertible bonds at a discount, with future consideration for a share buyback program.
International expansion, particularly scaling the Shopify program in the U.K. and exploring Continental Europe, is identified as the most tangible future investment.

Dec 16, 2025, 5:00 PM

Transcript

Affirm Discusses Competitive Advantages, Strategic Partnerships, and Capital Allocation

AFRM

New Projects/Investments

Share Buyback

Guidance Update

Affirm highlights its competitive moat through broad product offerings (loans from $35 to $35,000 with terms up to 60 months), a transaction-specific underwriting model enabling nimble adjustments, and a policy of never charging late fees.
Strategic partnerships are key to growth, including the renewal of its Amazon program through January 2031 , scaling with Shopify in the U.K. , and collaborations with Google and FIS to expand the Affirm Card's reach.
The company is committed to driving operating leverage and improving its margin profile, with a 2026 RLTC take rate guide of 4%. Capital allocation priorities include the opportunistic buyback of 2026 convertible bonds and potential future share buybacks, alongside continued international expansion.

Dec 16, 2025, 5:00 PM

Transcript

Affirm Provides Update on Business Performance, Strategic Partnerships, and Financial Outlook

AFRM

Revenue Acceleration/Inflection

New Projects/Investments

Guidance Update

Affirm's business is performing in line with expectations for the calendar year Q4, despite third-party estimates showing "significant tracking error" for Affirm. The company reports that consumers are "quite healthy," with 96% of transactions from repeat borrowers last quarter, leading to lower default rates on subsequent loans.
The Affirm Card is identified as the fastest-growing and most profitable part of the business, with 80% interest-bearing transactions and internal goals of $7,500 spend per active cardholder and 10 million cardholders. The company also renewed its partnership with Amazon for another five years, extending through January 2031, with terms largely consistent with the current program.
Affirm's funding costs were down 98 basis points year-over-year in the September quarter, now in the mid-sixes. The company's revenue less transaction costs (RLTC) take rates have been above 4% for five out of the last six quarters, exceeding its long-term goal. Affirm is committed to driving more operating leverage in FY26 and plans for continued international expansion beyond the UK.