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Affirm Holdings (AFRM)

Affirm Holdings, Inc. is a financial technology company that provides transparent and flexible payment solutions to consumers and merchants. Founded in 2012 and headquartered in San Francisco, California, Affirm operates as a next-generation payment network, offering point-of-sale financing and other financial products. The company enables consumers to make purchases with flexible repayment options while helping merchants increase sales and customer satisfaction through its innovative payment platform.

  1. Interest Income - Earns revenue from interest on loans held for investment, leveraging proprietary risk models to underwrite consumer loans.
  2. Merchant Network Revenue - Charges fees to merchants for using Affirm's payment solutions, enhancing customer acquisition and conversion rates.
  3. Gain on Sales of Loans - Generates income by selling loans to third-party buyers or securitization trusts.
  4. Card Network Revenue - Provides revenue from Affirm's virtual card network, enabling flexible payment options for consumers.
  5. Servicing Income - Collects fees for servicing loans, ensuring smooth operations for loan management.

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NamePositionExternal RolesShort Bio

Libor Michalek

ExecutiveBoard

President

Libor Michalek has been the President of Affirm Holdings, Inc. since December 2022. He previously served as President, Technology, Risk and Operations from May 2021 to December 2022, as President, Technology from 2018 to May 2021, and as Chief Technology Officer from 2015 to 2018.

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Max Levchin

ExecutiveBoard

Chief Executive Officer (CEO)

Max Levchin has served as the CEO of Affirm Holdings, Inc. since 2012 while also holding the roles of Founder and Chairman of the Board. He previously co-founded PayPal where he served as Chief Technology Officer and played a significant role at Yelp Inc..

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Katherine Adkins

Executive

Chief Legal Officer and Chief Compliance Officer

Katherine Adkins is the Chief Legal Officer and Chief Compliance Officer at Affirm Holdings, Inc. since July 2021. Previously, she served as Vice President, Legal and Bank Strategy and Deputy General Counsel from 2019 to July 2021.

Michael Linford

Executive

Chief Operating Officer (COO)

Michael Linford is Affirm's Chief Operating Officer since September 2024 and has been serving as the Chief Financial Officer since August 2018. He has a robust background in financial leadership with previous roles at HPE Software, Micro Focus International plc, KKR & Co., and McKinsey & Company.

Rob OHare

Executive

Chief Financial Officer (CFO)

Rob O'Hare is the Chief Financial Officer (CFO) of Affirm Holdings, Inc. since November 8, 2024. He previously served as Senior Vice President, Finance from August 2020 and has held executive financial roles at other companies such as Tile and Spark Networks.

Brian D. Hughes

Board

Class III Director

Independent Consultant and Strategic Advisor to Boston Consulting Group

Brian D. Hughes is a Class III Director at Affirm Holdings, Inc., appointed on July 1, 2024 and serving on the Audit and Compensation Committees of the Board. He brings extensive experience from his previous senior roles at Discover Financial Services, HSBC, and Booz Allen Hamilton.

Christa S. Quarles

Board

Lead Independent Director

CEO of Alludo

Christa S. Quarles has served on AFRM’s Board of Directors since 2018 and currently holds the role of Lead Independent Director since July 1, 2024. She brings extensive financial and leadership expertise from her active role as CEO of Alludo, as well as prior executive experiences at OpenTable and other companies.

Jacqueline D. Reses

Board

Class I director

CEO of Lead Bank ; Board Member at Endeavor Group Holdings, Inc. ; Board Member at Nu Holdings Ltd. ; Board Member at TaskUS, Inc.

Jacqueline D. Reses has served on the Affirm board as a Class I director since January 2021 and brings extensive leadership experience across financial services and technology; she is also the CEO of Lead Bank since 2021.

Jeremy Liew

Board

Member of Affirm's Board of Directors

Partner at Lightspeed Venture Partners

Jeremy Liew has served on Affirm’s Board of Directors since 2013, where he chairs the Compensation Committee and is a member of the Nominating and Governance Committee. He is also a Partner at Lightspeed Venture Partners since 2006 with extensive experience in technology investments and executive leadership.

Keith Rabois

Board

Member of the Board of Directors

CEO of Miami Labs, Inc since 2021; Managing Partner at Khosla Ventures since January 2024

Keith Rabois has served as a Member of the Board of Directors at AFRM since 2013. He is also the CEO of Miami Labs, Inc. since 2021 and the Managing Partner at Khosla Ventures since January 2024.

Manolo Sánchez

Board

Class II Director, Board of Directors

Board Member at Fannie Mae; Board Member at Stewart Information Services Corporation; Adjunct Professor at Rice University's Jones Graduate School of Business

Manolo Sánchez serves as a Class II Director on the Affirm Holdings, Inc. Board effective November 1, 2023, and contributes his extensive experience in banking and finance. Previously, he was the president and CEO of Compass Bank, Inc. (2008–2017) and is an adjunct professor at the Jones Graduate School of Business at Rice University.

Noel Watson

Board

Class I Director and Chair of the Audit Committee

Chief Financial Officer of LegalZoom.com, Inc.

Noel Watson has been serving as a Class I Director and Chair of the Audit Committee at AFRM since September 1, 2022. He brings a wealth of financial expertise from his current role as Chief Financial Officer of LegalZoom.com, Inc. since November 2020 and previous roles as CFO of TrueCar, Inc. and other leadership positions.

  1. Given the noticeable increase in 0% APR loans, can you elaborate on how this strategy impacts your RLTC margin, and at what point might this margin dilution become unsustainable?
  2. Active customer growth has accelerated, but to what extent is this driven by promotional offers like 0% APR, and how sustainable is this growth without compromising your margins or credit standards?
  3. With your expansion into international markets such as the UK, how are you mitigating the significant upfront costs, and what specific metrics are you using to evaluate the success and profitability of these endeavors?
  4. Operating expenses have remained relatively flat, yet with ongoing investments in AI and technology, how do you plan to maintain operating leverage, and should we anticipate an increase in OpEx in the coming quarters?
  5. Considering the importance of credit quality to your capital partners, how are you balancing the need for growth with the necessity of maintaining low delinquency rates, especially as you consider taking on more risk?

Research analysts who have asked questions during Affirm Holdings earnings calls.

Dan Dolev

Mizuho Financial Group

6 questions for AFRM

Also covers: ACN, ADP, COIN +12 more

James Faucette

Morgan Stanley

6 questions for AFRM

Also covers: ACN, ADP, AVDX +22 more

Robert Wildhack

Autonomous Research

6 questions for AFRM

Also covers: ALLY, AXP, CACC +3 more

Andrew Bauch

Wells Fargo & Company

5 questions for AFRM

Also covers: AVDX, FLYW, FOUR +9 more

Kyle Peterson

Needham & Company

5 questions for AFRM

Also covers: ALIT, AX, BR +12 more

Reginald Smith

JPMorgan Chase & Co.

5 questions for AFRM

Also covers: BETR, BFH, CIFR +8 more

Matthew O'Neill

Financial Technology Partners

4 questions for AFRM

Also covers: EFX, ETOR, EXFY +7 more

Ramsey El-Assal

Barclays

4 questions for AFRM

Also covers: ACN, ADP, AVDX +20 more

Vincent Caintic

Stephens Inc.

4 questions for AFRM

Also covers: BFH, CRMT, ENVA +9 more

William Nance

The Goldman Sachs Group, Inc.

4 questions for AFRM

Also covers: AMTD, AVDX, BILL +19 more

Adam Frisch

Evercore ISI

3 questions for AFRM

Also covers: FOUR, GPN, MA +1 more

Andrew Jeffrey

William Blair & Company

3 questions for AFRM

Also covers: CHYM, CPAY, FI +6 more

John Hecht

Jefferies

3 questions for AFRM

Also covers: ARCC, CACC, COF +21 more

Moshe Orenbuch

TD Cowen

3 questions for AFRM

Also covers: AER, AL, ALLY +11 more

David Scharf

Citizens Capital Markets and Advisory

2 questions for AFRM

Also covers: ECPG, ENVA, FCFS +10 more

Giuliano Anderes-Bologna

Compass Point

2 questions for AFRM

Also covers: AGO, COOP, FIP +7 more

Jason Kupferberg

Bank of America

2 questions for AFRM

Also covers: ACN, ADP, CTSH +13 more

Jeffrey Cantwell

Seaport Research Partners

2 questions for AFRM

Also covers: ACIW, DAVE, SHOP +1 more

Timothy Chiodo

UBS Group AG

2 questions for AFRM

Also covers: AVDX, CHYM, FI +16 more

Adib Choudhury

William Blair

1 question for AFRM

Dan Perlin

RBC Capital Markets

1 question for AFRM

Also covers: FLYW, FOUR, GPN +3 more

Giuliano Bologna

Compass Point Research & Trading LLC

1 question for AFRM

Also covers: FIP, FTAI, GCI +1 more

Harry Bartlett

Rothschild & Co Redburn

1 question for AFRM

James Friedman

Susquehanna Financial Group, LLLP

1 question for AFRM

Also covers: AVDX, BETR, BILL +18 more

Jamie Friedman

Susquehanna International Group

1 question for AFRM

Also covers: CTSH, DLO, DXC +4 more

Jill Glaser Shea

UBS

1 question for AFRM

Also covers: BNS, RY, SOFI +1 more

Matt Coad

Truist Securities

1 question for AFRM

Also covers: DLO, FIS, TOST

Nate Svensson

Deutsche Bank

1 question for AFRM

Also covers: CPAY, EVTC, FLYW +7 more

Reggie Smith

JPMorgan Chase & Co.

1 question for AFRM

Also covers: BFH, CIFR, CMPO +5 more

Will Nance

Goldman Sachs

1 question for AFRM

Also covers: AMTD, CHYM, FI +13 more
Program DetailsProgram 1Program 2
Approval DateDecember 13, 2024 November 5, 2024
End Date/DurationDecember 31, 2024 December 31, 2025
Total Additional Amount$960 million $500 million
Remaining Authorization$248.7 million $500 million
DetailsReplaced prior authorization No repurchases yet

Competitors mentioned in the company's latest 10K filing.

CompanyDescription

Legacy payment methods such as credit and debit cards provided by card issuing banks are primary competition.

Legacy payment methods such as credit and debit cards provided by card issuing banks are primary competition.

Legacy payment methods such as credit and debit cards provided by card issuing banks are primary competition.

Legacy payment methods such as credit and debit cards provided by card issuing banks are primary competition.

Legacy payment methods such as credit and debit cards provided by card issuing banks are primary competition.

Legacy payment methods such as credit and debit cards provided by card issuing banks are primary competition.

Legacy payment methods such as credit and debit cards provided by card issuing banks are primary competition.

Technology solutions provided by payment companies are primary competition.

Technology solutions provided by payment companies are primary competition.

Mobile wallets are primary competition.

Other pay-over-time solutions offered by companies are primary competition.

Klarna

Other pay-over-time solutions offered by companies are primary competition.

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

Butter Holdings Ltd.

2023

Affirm completed its acquisition on February 1, 2023, for a total consideration of $16.3 million, including $14.9 million in cash and a $1.5 million note settlement. The deal was accounted for as a business combination under ASC 805, acquiring key assets such as a £9.2 million lending license and generating $9.4 million in goodwill due to anticipated future synergies.

Fast

2022

Affirm acquired Fast on April 19, 2022, for a purchase price of $25.4 million, which included $10.0 million in cash and forgiveness of a $15.0 million senior secured note. The acquisition was treated as an asset acquisition under ASC 805 with significant intangible assets acquired, including an assembled workforce and an option to purchase developed technology, both valued using the replacement cost method.

Recent press releases and 8-K filings for AFRM.

Affirm Holdings Discusses Q1 and FY2026 Outlook, Growth Drivers, and Strategy
·$AFRM
Guidance Update
Revenue Acceleration/Inflection
New Projects/Investments
  • Affirm provided FY2026 guidance, setting a GMV floor of $46 billion (implying 25.5% year-on-year growth) and targeting 26% adjusted operating margins. For Q1 FY2026, the high end of guidance calls for 37% GMV growth and 43% revenue less transaction cost growth.
  • The company's direct-to-consumer (DTC) channels are significant growth drivers, with Affirm Card GMV growing over 130% in Q4 and monthly 0% loans growing over 90% in Q4, expected to be the fastest-growing loan product in FY26.
  • Key competitive advantages include transaction-level underwriting for every purchase, a broad spectrum of loan products (from $35 to $35,000, and terms up to 60 months), and a policy of no late fees.
  • International expansion is focused on the UK and Canada, with a recent launch in the UK with Shopify to capitalize on the demand for longer-term monthly installment interest-bearing lending.
Sep 23, 2025, 4:00 PM
Affirm Holdings Discusses FY2026 Outlook, Growth Drivers, and Competitive Advantages
·$AFRM
Guidance Update
Revenue Acceleration/Inflection
New Projects/Investments
  • Affirm provided Q1 2026 guidance for 37% GMV growth and 43% revenue less transaction cost (RLTC) growth at the high end, with adjusted operating income margins of 23% to 25% and GAAP operating income margins of 1% to 3%. For FY 2026, the company projects a GMV floor of $46 billion (approximately 25.5% year-on-year growth) and aims for just over 26% adjusted operating margins (a 2-point expansion) and 6% GAAP operating income margins.
  • Key growth drivers include direct-to-consumer (DTC) channels, with Affirm Card GMV growing over 130% and monthly 0% loans growing over 90% in Q4. The company is also focused on international expansion in the UK and Canada with Shopify, and sees the expansion of Apple Pay Later to offline checkout as a significant opportunity.
  • Affirm emphasizes its competitive advantages, including transaction-level underwriting for every purchase, a broad product offering (from $35 to $35,000 and 6 weeks to 60 months), and a policy of no late fees, which contribute to strong credit outcomes and funding relationships.
  • While not using AI for underwriting to maintain explainability, Affirm leverages it for engineer productivity, merchant onboarding, and optimizing consumer loan offers. The company also notes that a 100 basis point movement in interest rates typically results in a 40 basis point change in revenue less transaction costs.
Sep 23, 2025, 4:00 PM
Affirm Holdings Provides FY26 Guidance and Outlines Growth Strategies
·$AFRM
Guidance Update
Revenue Acceleration/Inflection
New Projects/Investments
  • Affirm provided FY26 guidance, setting a GMV floor of $46 billion, which implies 25.5% year-over-year growth, and projecting a GAAP operating income margin of 6% for the year. The company aims to drive two points of adjusted operating margin expansion in FY26.
  • Key growth drivers include direct-to-consumer channels like Affirm Card, which grew over 130% in Q4, and monthly 0% loans, which grew over 90% in Q4. Affirm is also expanding into the services vertical and internationally, with a focus on the UK and Canada in partnership with Shopify, and integrating with Apple Pay Later for offline checkout.
  • The company's competitive advantage stems from its transaction-level underwriting for every purchase, enabling quick adjustments to credit decisions. This approach contributes to 95% of Q4 transactions coming from repeat borrowers, who inherently present lower risk.
  • Affirm maintains that its customer acquisition costs are effectively negative, as most consumers are acquired through merchant programs. This strategy has led to a growing active consumer base of 23 million, up 24% year-over-year, with increasing engagement.
Sep 23, 2025, 4:00 PM
Affirm Holdings Provides FY2026 Guidance and Growth Strategy Update
·$AFRM
Guidance Update
Revenue Acceleration/Inflection
New Projects/Investments
  • Affirm provided its Q1 FY2026 guidance, projecting 37% GMV growth and 43% revenue less transaction cost growth at the high end, alongside 23% to 25% adjusted operating margins and 1% to 3% GAAP operating margins.
  • For full-year FY2026, the company set a GMV floor of $46 billion, implying 25.5% year-on-year growth, and targets 2 points of adjusted operating margin expansion to just over 26%, with a 6% GAAP operating income margin.
  • Direct-to-consumer (DTC) channels, especially Affirm Card, are driving growth, with Affirm Card GMV increasing over 130% in Q4. Monthly 0% loans also grew over 90% in Q4 and are expected to be the fastest-growing loan product in FY2026.
  • Affirm emphasizes its transaction-level underwriting as a key competitive advantage, enabling agile credit decisioning and contributing to lower delinquency rates compared to traditional credit products.
  • The company is expanding internationally, focusing on the UK and Canada with a beta launch alongside Shopify, and plans for future expansion into continental Europe.
Sep 23, 2025, 4:00 PM
Affirm Expands Pay-Later Options to In-Store Apple Pay Purchases
·$AFRM
Product Launch
New Projects/Investments
  • Affirm and Klarna have expanded their pay-later options to include in-store purchases using Apple Pay on iPhone in the US, requiring iOS 26 or later.
  • Affirm users can split eligible purchases into biweekly or monthly payments with rates from 0% to 36% APR, and the company emphasizes no late or hidden fees.
  • In-store Apple Pay transactions for Affirm are processed using either the customer's existing Affirm Card or a one-time use virtual card, building on Affirm's previous availability for online and in-app Apple Pay transactions.
Sep 15, 2025, 5:40 PM
Affirm Holdings Inc. Analyst Maintains 'Buy' Rating Amidst BNPL Market Growth
·$AFRM
Revenue Acceleration/Inflection
Demand Weakening
  • Affirm Holdings Inc. is rated as a "buy" by Mizuho Americas Senior Financial Technology Analyst Dan Dolev, citing the company's unlimited Total Addressable Market (TAM) and "epic" execution.
  • Affirm differentiates itself from competitors like Klarna by offering a wider range of buy now, pay later (BNPL) options, including interest-bearing and non-interest-bearing loans, which are more complex to underwrite than Klarna's basic pay-in-four model.
  • The overall BNPL market, currently valued at $70-80 billion in US e-commerce, is growing fast and could be countercyclical in a weaker economic environment, as merchants may increasingly use it to drive conversions.
  • Growth in the BNPL market primarily impacts banks by hurting their credit card operations, but it does not negatively affect Visa or MasterCard as BNPL transactions are settled via debit.
Aug 23, 2025, 4:00 PM
Affirm launches in-store BNPL on Stripe Terminal
·$AFRM
Product Launch
New Projects/Investments
  • Affirm has expanded its partnership with Stripe, launching the first-ever direct Buy Now, Pay Later (BNPL) integration on Stripe Terminal.
  • This integration enables U.S. and Canadian merchants to offer Affirm's pay-over-time options to in-store shoppers directly through Stripe Terminal, which has over one million devices in use.
  • Shoppers can use Affirm for cart sizes ranging from $35 to $30,000, with payment options spanning from 30 days to 60 months.
  • Affirm states it never charges late or hidden fees, and this offering is expected to help merchants drive overall sales and increase average order value.
Aug 13, 2025, 1:00 PM
Affirm CEO discusses strong consumer demand and FICO's BNPL data inclusion
·$AFRM
Revenue Acceleration/Inflection
Guidance Update
  • Affirm's CEO, Max Levchin, reports strong consumer demand and growth in the high 30s year over year in spending, stating that "the rumors of the demise of the American consumer are greatly exaggerated".
  • Levchin views FICO's decision to include Buy Now, Pay Later (BNPL) data in credit scores as very positive, noting that Affirm has been reporting most transactions since 2017 and that the vast majority of customers repay on time, which will help consumers build credit history.
  • The company observes a significant shift from revolving credit to pay-over-time models, with strong demand for big-ticket items and new use cases like elective medical services.
  • Affirm is optimistic about the second half of the year, expecting continued strength due to consumers' preference for responsible borrowing with fixed payment timelines.
Jul 2, 2025, 9:32 PM
Affirm Partners with Xsolla to Offer Flexible Game Payments
·$AFRM
Product Launch
New Projects/Investments
  • Affirm has partnered with Xsolla to offer flexible payment options for game developers and players in the U.S., with plans to expand to Canada and the UK.
  • Through this partnership, players can split purchases of $50 or more into interest-free biweekly payments or longer-term monthly installments without late or hidden fees.
  • Affirm's stock has surged over 110% in the past year, bringing its current valuation to $21.37 billion.
  • The company has extended its capital partnership with Moore Specialty Credit through May 2027, with Moore having invested over $1 billion in Affirm over the past eight years.
Jun 26, 2025, 3:23 PM
Affirm expands $3 billion loan purchase facility with PGIM Fixed Income
·$AFRM
Debt Issuance
New Projects/Investments
  • PGIM Fixed Income set up a 36-month revolving pass-through facility to invest up to $3 billion, buying up to $500 million of Affirm loans at a time, most with six-month maturities.
  • The facility builds on PGIM’s prior private purchase of $500 million in Affirm loans (Dec 2024) and earlier asset-backed securitizations.
  • Under the agreement, Affirm can re-lend the investment to finance additional buy-now-pay-later loans.
  • PGIM Fixed Income manages over $145 billion in public and private securitized credit assets.
Jun 18, 2025, 12:33 PM