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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 (AFRM) investor relations material
Affirm Fireside Chat summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Fireside Chat summary23 Sep, 2025
Introduction and agenda
The session was hosted by a specialty finance analyst, featuring the CFO, with a mix of prepared and retail investor questions focused on growth, industry trends, and operational strategy.
Current industry trends
BNPL is growing at about 25% annually in the U.S., with e-commerce penetration over 8%.
The industry is still early in its growth cycle, with significant headroom compared to international markets.
Competition is strong, but product breadth and transaction-level underwriting are key differentiators.
Innovation and future outlook
FY 2026 guidance includes 25.5% GMV growth, stable RLTC take rate at 4%, and adjusted operating margin expansion by 2 points.
Direct-to-consumer products, especially Affirm Card, are driving growth, with GMV up 130% in Q4.
Monthly 0% loans are the fastest-growing product, appealing to higher-credit consumers and aiding new user acquisition.
International expansion is focused on the U.K. and Canada, with plans to scale with Shopify and potential future entry into continental Europe.
Integration with Apple Pay Later and expansion into offline channels are seen as major opportunities.
AI is used for operational efficiency and offer optimization, but not for underwriting models to maintain explainability.
How does D2C growth mitigate merchant concentration?
Underwriting agility in economic downturns?
What's unique about the U.K. market opportunity?
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Next Affirm earnings date
Q1 20266 Nov, 2025
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Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
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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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