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Affirm

Overview

Contents14 sections
Key facts

Business: Revenue and lending models

Affirm’s revenue channels include merchant and affiliate fees, simple interest, card interchange, gains or losses on loan sales, and servicing fees on loans held by third parties. It states that it charges neither late fees nor compound interest. Loans are not universally interest-free: rates and terms depend on the transaction and eligibility assessment.⁠[2][3]

Founding background

Early years: Merchant partnerships

According to Levchin’s recollection in the same interview, co-founder Alex RampellAlex RampellAlex Rampell (Alastair Rampell) is an entrepreneur and investor, a general partner at Andreessen Horowitz and leader of its Apps practice. He co-founded TrialPay and Affirm and serves on the boards of Wise and Rocket Companies.Open the full entry secured 1-800-Flowers as the first merchant integration, and results at merchants including Tradesy helped validate the business. This is a founder’s retrospective account; individual merchant results do not establish a platform-wide effect.⁠[4]

PayBright acquisition and IPO

Affirm completed its acquisition of Canadian pay-over-time provider PayBright on January 1, 2021. Its Class A shares began trading on NasdaqNasdaqNasdaq is an exchange operator and financial technology company headquartered in New York. It runs The Nasdaq Stock Market and other markets and provides capital markets technology, regulatory technology, and data and index services. Founded in 1971, it combined with OMX AB in 2008, and in March 2026 the U.S. Securities and Exchange Commission approved its rules for trading tokenized securities.Open the full entry as AFRM on January 13 at an IPO price of $49. The offering closed January 15 with 28.29 million shares, including 3.69 million under the underwriters’ option; the company reported approximately $1.3 billion in proceeds before expenses.⁠[6][2]

Shop Pay Installments

Amazon partnership

On August 27, 2021, Affirm announced an AmazonAmazonAmazon is a publicly traded U.S. technology and retail company founded by Jeff Bezos in 1994, with its principal corporate offices in Seattle. Its businesses span e-commerce, logistics and fulfillment, digital advertising, membership and entertainment services, consumer electronics, and Amazon Web Services cloud computing.Open the full entry partnership initially offering selected U.S. Amazon.com shoppers monthly installments on purchases of $50 or more, with broader availability planned. Approved shoppers could see total costs at checkout, without additional late or hidden fees.⁠[8]

United Kingdom launch

In November 2024, Affirm launched interest-free and interest-bearing monthly installments in the United Kingdom with initial partners Alternative Airlines and Fexco. Its announcement identified Affirm UK Limited as FCA-authorized and regulated, with transaction-level repayment assessments and fixed simple interest calculated on original principal for interest-bearing plans.⁠[9]

Corporate structure changes

Shop Pay Installments in Australia

On August 27, 2026, Affirm and Shopify launched Shop Pay Installments in Australia, which Affirm described as a return to the market. Approved shoppers could choose fortnightly or monthly, interest-free or interest-bearing plans. Affirm Australia Pty Ltd provides the credit, and merchants can enable the option through Shopify’s administration dashboard.⁠[10]

First quarter of fiscal 2027: Financial results

Fiscal 2027 first-quarter results released November 5, 2026 covered the three months ended September 30. GMV was $14.4 billion, up 34%; revenue was approximately $1.3 billion, up 35%; operating income was $187 million and net income $164 million. GMV measures platform transaction volume, not company revenue.⁠[11][12]

Transformer underwriting model

The same letter reported that Affirm’s first transformer-based underwriting model delivered an incremental 3.4% end-to-end conversion improvement with credit losses unchanged. It said decisions remained deterministic, transparent and explainable to consumers. These are company-reported internal results rather than an independent comparative benchmark.⁠[11]

Cards, accounts and management

Beyond merchant checkout financing, Affirm Card lets users link a bank account for full payment or apply through the app to finance eligible purchases. The Affirm Money Account is held with Cross River Bank. Affirm itself is not a bank, and its disclosures identify Evolve Bank & Trust or Stride Bank as Affirm Card issuers.⁠[3][1]

As of November 2026, the investor-relations management page lists Max Levchin as founder and CEO. Michael Linford and Libor Michalek both serve as President: Linford oversees finance, markets and corporate functions, while Michalek oversees engineering, risk, operations, product and design. Rob O’Hare is CFO.⁠[5]

Sources

  1. Affirm Holdings, Inc. — Form 10-K for year ended June 30, 2026 (opens in a new window)
  2. Investor FAQs | Affirm Holdings, Inc. (opens in a new window)
  3. About Us | Affirm (opens in a new window)
  4. A Farewell to Fees - Intelligent Finance | Plaid (opens in a new window)
  5. Management | Affirm Holdings, Inc. (opens in a new window)
  6. Affirm reports fiscal year 2021 second quarter results (opens in a new window)
  7. A note from our CEO: Affirm and Shopify expand shop pay installments across the U.S. (opens in a new window)
  8. Amazon partners with Affirm to deliver pay-over-time option at checkout (opens in a new window)
  9. Affirm’s flexible and transparent pay-over-time options now available in the UK (opens in a new window)
  10. Affirm and Shopify launch Shop Pay Installments in Australia (opens in a new window)
  11. Affirm Holdings, Inc. — Form 8-K, Exhibit 99.1, FQ1 2027 Shareholder Letter (opens in a new window)
  12. Affirm reports first fiscal quarter 2027 results (opens in a new window)