Affirm overview
Affirm Holdings, Inc. is a San Francisco financial technology company founded in 2012. Founder Max Levchin serves as chief executive officer and chairman. Affirm offers pay-over-time loans at merchant checkout, through commerce-platform integrations, in its app, and through Affirm Card.
How Affirm makes money
Affirm reports merchant-network revenue, card-network revenue, interest income, gains on loan sales, and servicing income. It funds loans through a mix of warehouse facilities, securitizations, and third-party loan buyers. Gross merchandise volume measures the value of transactions processed through Affirm and is not the same as revenue.
FY2026 financial results
For the fiscal year ended June 30, 2026, Affirm reported $50.2 billion of GMV, $4.261 billion of revenue, and $1.930 billion of net income. Net income included a $1.45 billion income-tax benefit related to the release of a valuation allowance on domestic deferred tax assets. Affirm had 2,358 employees at fiscal year-end.
Funding, IPO, and acquisitions
Affirm announced a $300 million Series F in 2019 and a $500 million Series G in 2020. It completed its Nasdaq IPO in January 2021 after pricing 24.6 million Class A shares at $49 each. Verified acquisitions include Sweep in 2016, PayBright in January 2021, and Returnly in May 2021.
Strategy and risks
Affirm's strategy includes increasing transaction frequency, expanding Affirm Card and merchant distribution, entering additional markets, and maintaining diversified funding. Its annual report identifies risks including credit losses, funding conditions, merchant concentration, competition, regulation, and changes in consumer spending.
