Affirm (AFRM) Fireside Chat summary

Introduction and agenda

• The session was hosted by a fintech analyst, featuring the CFO, with questions from both the host and retail shareholders.

Current industry trends

• BNPL is growing at about 25% annually in the U.S., with e-commerce penetration above 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

• Guidance for FY 2026 includes 25.5% GMV growth, stable RLTC take rate, and 2 points of operating leverage.

• Monthly 0% loans are the fastest-growing product, expected to continue leading growth.

• Direct-to-consumer channels, especially Affirm Card, are driving significant growth and in-store expansion.

• International expansion is focused on the U.K. and Canada, with plans to enter continental Europe after scaling in the U.K.

• Partnership with Shopify in the U.K. is expected to accelerate adoption.

• Integration with Apple Pay Later extends BNPL to offline checkout, opening a large new opportunity.

• AI is used for operational efficiency, offer optimization, and customer support, but not for core underwriting models.