AFFIRM HOLDINGS Business Summary

Affirm Holdings Inc. (AFRM) operates a next-generation payment network that facilitates point-of-sale installment loans, generating revenue through merchant discount rates, interest income from consumer financing, and interchange fees from its virtual and physical card products. The business is structured across five core segments: Interest Income, Merchant Network Revenue, Virtual Card Network Revenue, Servicing Income, and Gain or Loss on Loan Sales. As of February 2026, Affirm has solidified its market position by achieving GAAP profitability and expanding its direct-to-consumer ecosystem via the Affirm Card and strategic integrations with platforms like Shopify, Amazon, and Expedia. Within the competitive landscape, Affirm competes directly with Klarna, PayPal, Block (Afterpay), and Apple; it distinguishes itself through a transparent, no-late-fee model that targets high-intent consumers and premium merchant partners. Affirm was co-founded by a prominent group of Silicon Valley entrepreneurs, including Max Levchin (CEO), Nathan Gettings, Jeffrey Kaditz, and Alex Rampell. The executive team is led by Levchin, a co-founder of PayPal, alongside President Libor Michalek, who previously held leadership roles at YouTube and Google, Chief Financial Officer Robert O’Hare, and Chief Operating Officer Michael Linford. The company’s governance is bolstered by a board of directors that includes Jeremy Liew (Lightspeed Venture Partners), Keith Rabois (Khosla Ventures), and Richard Galanti (former CFO of Costco). Notable institutional investors such as Founders Fund, GIC, and Shopify maintain significant stakes, underscoring the firm’s robust pedigree and its successful transition from a venture-backed startup to a dominant, profitable player in the global credit services industry.