Affirm is a financial technology services company providing installment loans to consumers at the point of sale.
Affirm is a publicly traded financial technology company headquartered in San Francisco, United States. Founded in 2012, the company operates as a financial lender of installment loans for consumer purchasers to use at the online or offline checkout (point of sale). Affirm’s buy now, pay later (BNPL) method for consumers competes directly with the traditional credit (and debit) card payment method.
As of 2023, Affirm is estimated to be the largest buy now, pay later financier in the US, in terms of the gross payment value processed, ahead of competitors such as Klarna and Afterpay. In the April-June quarter of 2023 for instance, Affirm financed US$5.5 billion (or 2.04%) out of the total US e-commerce payments worth US$269.5 billion. Affirm’s mobile app, a key part of the company’s interface with consumers, was also understood to be the most downloaded buy now, pay later app in the US until June 2023.
The CEO noted that beyond the eToro IPO, the firm has prioritized product enhancements in 2023, focusing on advanced trading experiences and technical analysis features for its user base.
The collaboration between Affirm and Walmart is expected to increase the purchasing power during the end-of-year festive season as more shoppers can pay over time.
Despite suffering a market cap setback in its fiscal Q3 of 2023, fintech platform Affirm expects full-year revenue of $1.56 billion.