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Company Research23 Feb 2024
Klarna: From Stockholm Startup to Wall Street IPO
Klarna grew from a 2005 startup into a fintech powerhouse, redefining payments with buy now, pay later before making its Wall Street debut in 2025.
Affirm
Affirm (AFRM) investor relations material
Affirm Morgan Stanley Technology, Media & Telecom Conference 2026 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Morgan Stanley Technology, Media & Telecom Conference 2026 summary3 Mar, 2026
Market outlook and growth trends
GMV growth deceleration in the second half is due to lapping high prior-year growth and the end of a major Walmart partnership, with normalization expected going forward.
Recent quarters showed acceleration in year-over-year growth even without the Walmart volume, indicating underlying strength.
0% promotions, especially at the start of October, drove aggregate volume increases without pulling forward demand.
BNPL penetration in the US is around 8%-9% of e-commerce, with international markets showing potential for further growth.
The addressable market is seen as a replacement for revolving credit, targeting $1.1-$1.2 trillion in US revolving debt.
Product strategy and consumer engagement
Merchant-funded 0% promotions are dollar accretive, boosting both consumer retention and merchant conversion.
0% offers attract higher quality consumers, improve retention, and are unit economic positive even at lower margins.
Promotions like "zero days" are net accretive, driving incremental purchases rather than just shifting timing.
Product enhancements focus on tailoring card and wallet experiences to different consumer segments and income levels.
Offline BNPL penetration is below 1%, representing a significant growth opportunity as wallet and card integrations expand.
Underwriting, risk management, and funding
Underwriting is a key differentiator, enabling longer duration and higher ticket size loans compared to competitors.
Constant reinvestment in underwriting and modeling is necessary to adapt to evolving consumer and merchant needs.
Recent ABS deal in January achieved the tightest spread to date, with strong demand and robust capital partner relationships.
Forward flow agreements provide a cushion for growth, with stable, high-quality funding sources like CPPIB and Prudential.
Regular engagement with capital partners ensures adaptability and benefits from a flight to quality in funding markets.
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Next Affirm earnings date
Wolfe FinTech Forum11 Mar, 2026
Affirm
Next Affirm earnings date
Wolfe FinTech Forum11 Mar, 2026
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Frequently asked questions
Offering alternatives to traditional credit cards
Whether your latest purchase was a new phone, a pair of sneakers, or new ski poles, chances are you encountered the Affirm payment system. Affirm is one of the leaders in the fintech space, an industry with steep growth and rapidly expanding market opportunities. They offer alternatives to traditional credit cards by providing customers with simple ways to pay for purchases.
With their two-sided network, Affirm delivers value for both consumers and merchants. They are giving the merchants flexible, transparent payment options. And valuable customer insights, more sales, and higher customer satisfaction for the merchants. So, the Affirm platform basically enables customers to; pay over time with zero percent interest-bearing loans. Use universally accepted methods of payment. Split pay with biweekly payment options. Discover products through a personalized and data-driven marketplace. And lastly, an FDIC-insured interest-bearing savings account.
One of the major BNPL providers
Today, Affirm is one of the major players in the fast-growing financing field - Buy now, Pay later (BNPL), and while every provider of the BNPL solution has their unique ways of doing business, the basic concept is the same: offering customers the possibility to spread out the payments for their purchases - basically a short-term loan - coming from not the merchant, but a third-party provider - Affirm being one such.
The company has integrated partners such as Amazon, Shopify, Walmart, and Target, to name a few, and combined, they address more than 60 percent of total U.S. retail e-commerce sales. However, there seems to be room for continued growth as the total North American e-commerce market was valued at $900 billion in 2021, compared to Affirm’s gross merchandise volume (GMV) of $12 billion.
Founded to build a next-generation credit network
The originator of Affirm is the Ukrainian-American software engineer and entrepreneur Max Levchin, who also co-founded the company that eventually became PayPal. In 2011, he started a company called HVF (Hard, Valuable, and Fun), intending to explore and fund data-driven projects and companies. Affirm was spun out of HVF in 2012 when Levchin, Palantir co-founder Nathan Gettings, and Jeff Kadits from First Data set out to build a next-generation credit network.
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