Key Partners
- Celtic Bank + Lead Bank originate U.S. loans (FACT).
- Cross River Bank — Affirm Money Account (FACT).
- Amazon — 22% of GMV; renewed Nov 2025 (FACT).
- Shopify — program agreement Feb 2025 (FACT).
- Loan buyers, securitization investors, warehouse lenders (FACT).
Key Activities
- Underwrite every purchase at checkout (FACT).
- Service and collect loans (FACT).
- Sell or securitize — $21.9B UPB sold in FY26 (FACT).
- Integrate merchants via API + platforms (FACT).
- Build the app, Card and Money Account (FACT).
Key Resources
- 27.8M active consumers, +21% (FACT).
- ~571K active merchants (FACT).
- $9.56B loans held for investment (FACT).
- Equity ≈4% of platform portfolio (FACT).
- 2,358 employees (FACT).
Value Propositions
- No late fees; price fixed at checkout (FACT).
- Pay-in-X, 0% APR, or simple-interest plans (FACT).
- Higher conversion and order values for merchants (FACT, company claim).
- Works online, in-store and in the app (FACT).
Customer Relationships
- 7.0 transactions per active consumer (FACT).
- Affirm Card ≈15% of transactions (FACT).
- 25% of transactions via app, web, Card (FACT).
- Affirm Money Account savings (FACT).
Channels
- Merchant checkout via API (FACT).
- Amazon 22% of GMV (FACT).
- Shopify, Apple Pay and other platforms (FACT).
- Affirm app, website and Card — 25% of transactions (FACT).
- U.S., Canada, U.K.; Australia pilot (FACT).
Customer Segments
- Shoppers paying over time — 27.8M active (FACT).
- Merchants — ~571K active (FACT).
- Large platforms — Amazon, Shopify (FACT).
- U.S., Canada, U.K.; Australia launch (FACT).
Cost Structure
- Provision for credit losses $797M (FACT).
- Technology & data $747M (FACT).
- Processing & servicing $614M (FACT).
- G&A $578M (FACT).
- Funding costs $454M (FACT).
- Sales & marketing $343M, incl. Amazon warrants $200M (FACT).
Revenue Streams
- Interest income $2.05B (FACT).
- Merchant network $1.15B (FACT).
- Gain on sales of loans $597M (FACT).
- Card network $294M (FACT).
- Servicing income $173M (FACT).