Affirm was founded in 2012 by Max Levchin, a PayPal co-founder, alongside Nathan Gettings, Jeffrey Kaditz, and Alex Rampell. The company went public on the NASDAQ in January 2021 and trades under the ticker AFRM.
Affirm’s core product lets shoppers split purchases into installments — typically 4 interest-free payments or longer-term loans with interest rates disclosed upfront. Unlike credit cards, there are no hidden fees, no compounding interest, and no late penalties. That transparency is central to Affirm’s brand positioning.
The company secured a huge partnership with Amazon in 2021, becoming a BNPL option at checkout for eligible purchases. It also works with Shopify, Walmart, Target, and thousands of other merchants. Affirm’s Debit+ card extends the installment model to in-store purchases as well.
Affirm’s revenue model is merchant-funded — retailers pay Affirm a fee because BNPL increases average order values and conversion rates. The company also earns interest income from loans it holds on its balance sheet and gains from selling loan portfolios.
For fiscal year 2024, Affirm reported revenue of about $2.3 billion with a gross merchandise volume (GMV) exceeding $26 billion. The company had over 18 million active consumers. Affirm is headquartered in San Francisco and has offices in New York, Pittsburgh, Chicago, Salt Lake City, and several international locations.
