شركة Affirm Holdings, Inc. (AFRM): نموذج الأعمال التجارية

في عالم التكنولوجيا المالية الديناميكي، أحدثت شركة Affirm Holdings, Inc. (AFRM) ثورة في تمويل المستهلك من خلال تقديم بديل مبتكر لنماذج الائتمان التقليدية. من خلال الاستفادة من خوارزميات التعلم الآلي المتطورة والنهج الذي يركز على المستخدم، قامت شركة Affirm بتحويل الطريقة التي يتعامل بها المستهلكون من جيل الألفية والمهتمون بالتكنولوجيا الرقمية مع المعاملات المالية، مما يوفر حلول دفع بالتقسيط شفافة ومرنة تتحرر من قيود الخدمات المصرفية التقليدية. انغمس في نموذج الأعمال المعقد الذي يدعم هذه المنصة المبتكرة واكتشف كيف تقوم شركة Affirm بإعادة تشكيل المشهد المالي لجيل جديد من المستهلكين.

Affirm Holdings, Inc. (AFRM) - نموذج الأعمال: الشراكات الرئيسية

الشركاء التجاريون

اعتبارًا من الربع الرابع من عام 2023، أنشأت شركة Affirm شراكات مع أكثر من 265000 شريك تجاري عبر مختلف القطاعات:

القطاع	عدد التجار	النسبة المئوية لإجمالي الشركاء
التجارة الإلكترونية	129,500	48.9%
البيع بالتجزئة	82,000	30.9%
السفر	53,500	20.2%

شركاء تكامل التكنولوجيا

تشمل الشراكات التقنية لشركة Affirm ما يلي:

• Shopify: متكامل مع 100% من تجار Shopify
• BigCommerce: تكامل نشط يغطي 75% من تجار المنصات
• WooCommerce: شراكة تغطي 45000 متجر عبر الإنترنت

المؤسسات المالية

تتضمن شبكة الشراكة المالية الخاصة بـ Affirm ما يلي:

الشريك المالي	نوع التعاون	خط الائتمان
كروس ريفر بانك	شريك الإقراض الأساسي	تسهيلات ائتمانية بقيمة 1.2 مليار دولار
بنك سلتيك	شريك الإقراض الثانوي	خط ائتمان بقيمة 750 مليون دولار

معالجات الدفع

شراكات معالج الدفع الرئيسية:

• التأشيرة: تغطية معالجة المعاملات بنسبة 98%
• Mastercard: تكامل الشبكة يغطي 95% من المعاملات
• أمريكان إكسبريس: شراكة معالجة المعاملات الجزئية

موفري المحفظة الرقمية

شراكات النظام البيئي للدفع الرقمي:

• Apple Pay: التكامل الكامل
• محفظة Google: دعم كامل للمعاملات
• Samsung Pay: معالجة الدفع المتكاملة

Affirm Holdings, Inc. (AFRM) - نموذج الأعمال: الأنشطة الرئيسية

تطوير تكنولوجيا التمويل الاستهلاكي

استثمرت شركة Affirm مبلغ 244.8 مليون دولار في البحث والتطوير في السنة المالية 2023. ويركز تطوير التكنولوجيا على:

• خوارزميات اتخاذ القرار الائتماني في الوقت الحقيقي
• البنية التحتية لتطبيقات الهاتف المحمول
• قدرات التكامل API

مقياس الاستثمار التكنولوجي	2023 القيمة
نفقات البحث والتطوير	244.8 مليون دولار
مهندسي البرمجيات	أكثر من 450 محترفًا
طلبات براءات الاختراع	37 براءة اختراع للتكنولوجيا النشطة

إنشاء خوارزميات بديلة لتسجيل الائتمان

يستخدم Affirm نماذج التعلم الآلي التي تحلل أكثر من 200 نقطة بيانات لتقييم الائتمان.

• نهج التقييم الائتماني غير التقليدي
• قدرات تقييم المخاطر في الوقت الحقيقي
• نماذج التعلم الآلي الخاصة

توفير حلول الدفع بالتقسيط

وبلغ حجم المعاملات المعالجة 16.64 مليار دولار في السنة المالية 2023.

مقياس حل الدفع	2023 القيمة
إجمالي حجم الصفقة	16.64 مليار دولار
متوسط حجم القرض	$373
الشركاء التجاريون	أكثر من 287,000+ تاجر نشط

الحفاظ على منصة إقراض رقمية قوية

تدعم المنصة قرارات الائتمان اللحظية مع وقت تشغيل يصل إلى 99.7%.

• البنية التحتية القائمة على السحابة
• بنية الخدمات المصغرة القابلة للتطوير
• بروتوكولات الأمن السيبراني المتقدمة

إدارة مخاطر الائتمان ومنع الاحتيال

تم تنفيذ تقنيات متقدمة لإدارة المخاطر مع معدل خصم صافي قدره 2.4% في عام 2023.

مقياس إدارة المخاطر	2023 القيمة
صافي معدل الشحن	2.4%
دقة كشف الاحتيال	97.6%
حجم فريق إدارة المخاطر	125+ محترفين

Affirm Holdings, Inc. (AFRM) - نموذج الأعمال: الموارد الرئيسية

تقنية تقييم الائتمان للتعلم الآلي المتقدمة

تقوم منصة تقييم ائتمان التعلم الآلي التابعة لشركة Affirm بمعالجة ما يقرب من 4.5 مليون قرار ائتماني شهريًا. تقوم التقنية بتقييم أكثر من 200 نقطة بيانات لكل معاملة بدقة تنبؤية تبلغ 92.3%.

مقياس التكنولوجيا	القيمة الكمية
قرارات الائتمان الشهرية	4.5 مليون
نقاط البيانات لكل معاملة	200+
الدقة التنبؤية	92.3%

خوارزميات نمذجة المخاطر المالية الخاصة

تستخدم خوارزميات نمذجة المخاطر الخاصة بشركة Affirm إمكانات معالجة البيانات في الوقت الفعلي من خلال أ 99.7% معدل كشف الاحتيال.

• سرعة معالجة تقييم المخاطر: 0.03 ثانية لكل معاملة
• تكرار تحديث نموذج التعلم الآلي: ربع سنوي
• تعقيد الخوارزمية: بنية الشبكة العصبية متعددة الطبقات

البنية التحتية الرقمية وتطبيقات الهاتف المحمول

مقياس البنية التحتية	القيمة الكمية
تنزيلات تطبيقات الجوال	3.2 مليون
وقت استجابة التطبيق	0.5 ثانية
وقت تشغيل البنية التحتية السحابية	99.99%

تحليلات البيانات ورؤى سلوك المستهلك

أكد معالجة أكثر من 17.1 مليون ملف تعريف فريد للمستهلك باستخدام خوارزميات التنبؤ السلوكية المتقدمة.

• نقاط بيانات المستهلك التي تم تتبعها: 350+
• دقة التنبؤ بسلوك المستهلك: 85.6%
• القدرة على معالجة البيانات في الوقت الحقيقي: 50000 معاملة في الثانية

فرق الهندسة والتكنولوجيا المالية الموهوبة

تكوين الفريق	القيمة الكمية
إجمالي الموظفين	1,600
حجم الفريق الهندسي	680
متوسط الخبرة الفنية للموظف	7.4 سنة

Affirm Holdings, Inc. (AFRM) - نموذج الأعمال: عروض القيمة

خيارات سداد مرنة وشفافة للتقسيط

تقدم شركة Affirm قروضًا بالتقسيط تتراوح من 50 دولارًا إلى 17500 دولارًا بفترات 3 أو 6 أو 12 شهرًا. اعتبارًا من الربع الثالث من عام 2023، بلغ متوسط ​​حجم القرض 304 دولارًا أمريكيًا، بمعدل نسبة مئوية سنوية (APR) يتراوح بين 0-36%.

مدة القرض	الحد الأدنى للمبلغ	الحد الأقصى للمبلغ	نطاق أبريل
3 أشهر	$50	$17,500	0-36%
6 أشهر	$50	$17,500	0-36%
12 شهرا	$50	$17,500	0-36%

لا توجد رسوم مخفية أو فوائد مضاعفة

تأكيد فرض رسوم على نموذج الفائدة البسيطة مع الكشف عن إجمالي الفائدة مقدمًا. في عام 2023، كان 87% من قروض Affirm بمعدل فائدة سنوية 0% للمستهلكين.

• رسوم إنشاء صفر
• لا توجد غرامات على التأخر في السداد
• لا يوجد هيكل الفائدة المركبة

قرارات الائتمان الفورية

يوفر Affirm قرارات ائتمانية في الوقت الفعلي باستخدام نقاط بيانات بديلة. وفي عام 2023، قامت الشركة بمعالجة 8.8 مليون عميل فريد بمعدل موافقة 60.2%.

متري	أداء 2023
العملاء الفريدون	8.8 مليون
معدل الموافقة	60.2%

التكامل السلس للتسوق

تأكيد الشراكة مع أكثر من 245000 تاجر اعتبارًا من الربع الثالث من عام 2023، بما في ذلك كبار تجار التجزئة مثل Amazon وTarget وWalmart.

المنتجات المالية الشخصية

من خلال استهداف جيل الألفية والجيل Z، فإن 68% من قاعدة عملاء Affirm تقل أعمارهم عن 40 عامًا. بلغ إجمالي حجم البضائع (GMV) 16.7 مليار دولار في السنة المالية 2023.

التركيبة السكانية للعملاء	النسبة المئوية
أقل من 40 سنة	68%
إجمالي حجم البضائع (2023)	16.7 مليار دولار

Affirm Holdings, Inc. (AFRM) - نموذج العمل: علاقات العملاء

منصة رقمية للخدمة الذاتية

عالجت منصة Affirm الرقمية 16.64 مليار دولار من إجمالي حجم المعاملات في السنة المالية 2023. وتمكن المنصة 16.3 مليون مستهلك نشط من إدارة المعاملات المالية بشكل مستقل.

مقاييس المنصة الرقمية	بيانات 2023
إجمالي حجم الصفقة	16.64 مليار دولار
عدد المستهلكين النشطين	16.3 مليون
متوسط حجم الصفقة	$270

توصيات مالية شخصية

تستخدم شركة Affirm خوارزميات متقدمة لتقديم توصيات مالية مخصصة بدقة تصل إلى 87% بناءً على أنماط الإنفاق الاستهلاكي الفردي.

• تقوم نماذج التعلم الآلي بتحليل 3.2 مليون ملف تعريف فريد للمستهلك
• معدل دقة التوصية: 87%
• متوسط معدل قبول العرض الشخصي: 42%

دعم عملاء تطبيقات الهاتف المحمول

يدعم تطبيق Affirm للهاتف المحمول 12.5 مليون مستخدم نشط شهريًا مع ميزات خدمة العملاء في الوقت الفعلي.

مقاييس دعم تطبيقات الهاتف المحمول	إحصائيات 2023
المستخدمون النشطون شهريًا	12.5 مليون
متوسط وقت الاستجابة	8.2 دقيقة
معدل رضا العملاء	94%

التواصل الشفاف حول شروط الدفع

توفر شركة Affirm شروط دفع واضحة بدون أي رسوم مخفية، مما يؤدي إلى فهم العملاء لشروط القرض بنسبة 96%.

• رسوم إنشاء صفر
• لا توجد غرامات على التأخر في السداد
• الإفصاح الشفاف عن أسعار الفائدة

عملية تأهيل رقمية سهلة الاستخدام

تتيح عملية الإعداد الرقمي الخاصة بـ Affirm لـ 93% من المستخدمين الجدد إكمال التسجيل في غضون 3 دقائق.

مقاييس عملية الإعداد	بيانات 2023
متوسط وقت الإعداد	3 دقائق
معدل التسجيل الناجح	93%
نجاح التحقق من المستخدم	98.6%

Affirm Holdings, Inc. (AFRM) - نموذج الأعمال: القنوات

تطبيق الهاتف المحمول

تم تنزيل تطبيق الهاتف المحمول الخاص بشركة Affirm 2.3 مليون مرة في الربع الرابع من عام 2023. ويدعم التطبيق 18.7 مليون مستخدم نشط اعتبارًا من 31 ديسمبر 2023. ووصل حجم معاملات تطبيقات الهاتف المحمول إلى 4.2 مليار دولار في السنة المالية 2023.

متري تطبيقات الهاتف المحمول	بيانات 2023
إجمالي التنزيلات	2.3 مليون
المستخدمون النشطون	18.7 مليون
حجم الصفقة	4.2 مليار دولار

موقع الشركة

يستقبل موقع Affirm.com 12.5 مليون زائر فريد شهريًا. يبلغ معدل تحويل موقع الويب 3.6٪ لعام 2023. وتولد حركة المرور السنوية على الويب 2.8 مليار دولار من حجم المعاملات.

مواقع التجارة الإلكترونية

تأكيد التكامل مع 245000 شريك تجاري اعتبارًا من الربع الرابع من عام 2023. تتضمن شبكة التجار ما يلي:

• أمازون
• وول مارت
• الهدف
• أفضل شراء
• تجار شوبيفاي

مقاييس تكامل التاجر	بيانات 2023
إجمالي الشركاء التجاريين	245,000
حجم المعاملات التجارية	16.7 مليار دولار

منصات التسويق الرقمي

وصل الإنفاق على التسويق الرقمي إلى 42.3 مليون دولار في السنة المالية 2023. وبلغ متوسط تكلفة اكتساب العملاء 78 دولارًا لكل مستخدم.

المشاركة في وسائل التواصل الاجتماعي

متابعو وسائل التواصل الاجتماعي عبر المنصات:

منصة	عدد المتابعين
انستغرام	187,000
تويتر/X	95,000
ينكدين	126,000

Affirm Holdings, Inc. (AFRM) - نموذج الأعمال: شرائح العملاء

مستهلكو جيل الألفية والجيل Z

اعتبارًا من الربع الثالث من عام 2023، تتكون المجموعة السكانية الأساسية لشركة Affirm من 68% من المستهلكين من جيل الألفية والجيل Z الذين تتراوح أعمارهم بين 18 و40 عامًا. متوسط ​​عمر مستخدمي التأكيد هو 33 عامًا.

الفئة العمرية	نسبة المستخدمين
18-24	32%
25-34	36%
35-40	22%

المتسوقون عبر الإنترنت يبحثون عن خيارات دفع مرنة

وفي عام 2023، عالجت شركة Affirm 16.7 مليار دولار أمريكي من إجمالي حجم المعاملات مع 14.3 مليون مستهلك نشط.

• 87% من المستخدمين يفضلون خيارات الدفع بالتقسيط
• متوسط حجم الصفقة: 340 دولارًا
• عدد الشركاء التجاريين: 264,000

المستهلكون الذين لديهم تاريخ ائتماني محدود أو ليس لديهم تاريخ ائتماني تقليدي

يخدم Affirm حوالي 42% من المستخدمين الذين لديهم سجل ائتماني تقليدي محدود أو ليس لديهم سجل ائتماني تقليدي.

الائتمان Profile	نسبة المستخدمين
لا يوجد ائتمان تقليدي	22%
تاريخ ائتماني محدود	20%
الائتمان المؤسس	58%

الأفراد الذين يبحثون عن حلول تمويل بديلة

اعتبارًا من عام 2023، تقدم Affirm تمويلًا للمشتريات التي تتراوح من 50 دولارًا إلى 17500 دولارًا عبر فئات التجار المختلفة.

• أهم فئات التجار:
  • التجزئة: 38%
  • الإلكترونيات: 22%
  • السفر: 15%
  • السلع المنزلية: 12%

المستهلكون الرقميون المتمرسون في مجال التكنولوجيا

في عام 2023، أظهرت مقاييس المشاركة في المنصة الرقمية لشركة Affirm ما يلي:

• تنزيلات تطبيقات الهاتف المحمول: 6.2 مليون
• عدد زوار الموقع شهريًا: 22.5 مليونًا
• نسبة المعاملات الرقمية: 94%

استخدام الجهاز	النسبة المئوية
تطبيق الجوال	62%
الويب المحمول	32%
سطح المكتب	6%

Affirm Holdings, Inc. (AFRM) - نموذج العمل: هيكل التكلفة

تطوير البنية التحتية التكنولوجية

بلغت تكاليف تطوير البنية التحتية التكنولوجية لشركة Affirm لعام 2023 حوالي 125.4 مليون دولار. استثمرت الشركة بكثافة في موارد الحوسبة السحابية وهندسة البرمجيات.

فئة التكلفة	المبلغ (2023)
البنية التحتية السحابية	52.6 مليون دولار
هندسة البرمجيات	43.2 مليون دولار
أنظمة الأمن السيبراني	29.6 مليون دولار

مصاريف إدارة مخاطر الائتمان

بلغ إجمالي نفقات إدارة مخاطر الائتمان لشركة Affirm في عام 2023 89.7 مليون دولار أمريكي، وهو ما يمثل عنصرًا حاسمًا في تكاليفها التشغيلية.

• نمذجة المخاطر وتحليلاتها: 35.4 مليون دولار
• تقنيات تقييم الائتمان: 28.3 مليون دولار
• أنظمة منع الاحتيال: 25.9 مليون دولار

تكاليف التسويق واكتساب العملاء

أنفقت شركة Affirm 213.6 مليون دولار على التسويق واكتساب العملاء في عام 2023، مع التركيز بشكل كبير على قنوات التسويق الرقمية وقنوات الشراكة.

قناة التسويق	الإنفاق (2023)
التسويق الرقمي	98.5 مليون دولار
تسويق الشراكة	67.2 مليون دولار
حملات التوعية بالعلامة التجارية	47.9 مليون دولار

استثمارات الامتثال التنظيمي

وصلت استثمارات الامتثال التنظيمي لشركة Affirm إلى 42.3 مليون دولار أمريكي في عام 2023، مما يضمن الالتزام باللوائح المالية ومعايير حماية المستهلك.

• البنية التحتية للامتثال القانوني: 18.6 مليون دولار
• أنظمة إعداد التقارير التنظيمية: 13.7 مليون دولار
• تدريب الامتثال والموظفين: 10 ملايين دولار

نفقات البحث والتطوير

أكد تأكيد تخصيص 156.2 مليون دولار للبحث والتطوير في عام 2023، مع التركيز على حلول التكنولوجيا المالية المبتكرة.

مجال التركيز على البحث والتطوير	الاستثمار (2023)
تكنولوجيا الدفع	62.4 مليون دولار
الذكاء الاصطناعي والتعلم الآلي	53.8 مليون دولار
ابتكار المنتجات	40 مليون دولار

شركة Affirm Holdings, Inc. (AFRM) - نموذج الأعمال: تدفقات الإيرادات

رسوم المعاملات التجارية

وفي الربع الثالث من عام 2023، حققت شركة Affirm رسوم معاملات تجارية بقيمة 126.1 مليون دولار أمريكي، وهو ما يمثل 39.1% من إجمالي الإيرادات.

فئة التاجر	النسبة المئوية لرسوم المعاملة
البيع بالتجزئة	2.5% - 4.5%
التجارة الإلكترونية	3% - 5%
السفر	3.5% - 6%

دخل الفوائد من القروض الاستهلاكية

بالنسبة للسنة المالية 2023، أعلنت شركة Affirm عن 355.7 مليون دولار أمريكي من صافي إيرادات الفوائد، وهو ما يمثل 46.8٪ من إجمالي الإيرادات.

• متوسط المعدل السنوي (APR): 21.4%
• إجمالي القروض المنشأ عام 2023: 16.64 مليار دولار

رسوم التبادل من معالجة الدفع

وحققت رسوم التبادل 74.3 مليون دولار أمريكي في الربع الثالث من عام 2023، وهو ما يمثل 23% من إجمالي الإيرادات.

تسييل البيانات والرؤى

تحقق شركة Affirm ما يقرب من 12.5 مليون دولار سنويًا من رؤى بيانات المعاملات مجهولة المصدر.

عروض الخدمات المالية المتميزة

الخدمة	الإيرادات السنوية
تأكيد حساب التوفير	8.2 مليون دولار
خدمات التصنيف الائتماني	5.7 مليون دولار

إجمالي الإيرادات للسنة المالية 2023: 760.3 مليون دولار

Affirm Holdings, Inc. (AFRM) - Canvas Business Model: Value Propositions

The core value proposition of Affirm Holdings, Inc. is a two-sided network effect: it offers financial transparency and flexibility to consumers while simultaneously acting as a growth engine for merchants. This dual focus has driven the company's Gross Merchandise Volume (GMV) to $36.7 billion for the fiscal year ended June 30, 2025, a clear signal that the market is embracing this model.

For Consumers: Honest financing with no late or hidden fees, showing total cost upfront.

Affirm's primary value to you as a consumer is radical transparency, which is a direct counter to the complexity and hidden costs of traditional credit. When you check out, you see the total cost of your loan in simple dollars and cents, including all interest, before you commit. This is a crucial difference from deferred interest programs or revolving credit lines.

The company simply does not charge late fees, ever. This isn't a marketing gimmick; it's a foundational business decision, and it means Affirm doesn't profit from your mistakes. Since its founding through June 2025, Affirm estimates it has helped consumers avoid approximately $23 million in late fees alone.

For Consumers: Flexible payment options including 0% APR and Split Pay for smaller purchases.

Flexibility is key, and Affirm's Adaptive Checkout technology tailors the payment plan to the purchase and the consumer. You get a range of personalized options, from short-term, interest-free payments (often called Split Pay or Pay in 4) to longer installments stretching up to 60 months for larger items.

The availability of 0% Annual Percentage Rate (APR) financing, especially on the Affirm Card and through key merchant partnerships, is a major draw. For example, a $1,200 purchase over 12 months at 0% APR means you pay back exactly $1,200-no interest, no fees. The rate you are offered will range from 0% to 36% APR based on your credit profile, but the total cost is always fixed and known upfront.

For Merchants: Increased Gross Merchandise Volume (GMV) of $36.7 billion in FY2025.

For a merchant, Affirm is a sales tool, not just a payment method. The proof is in the scale: Affirm facilitated a total GMV of $36.7 billion in consumer purchases for the fiscal year ended June 30, 2025. Here's the quick math: by enabling consumers to pay over time, merchants capture sales that might otherwise be abandoned or delayed.

This massive volume is supported by a growing, engaged customer base, which reached 23 million active consumers in Q4 2025. That's a huge, high-intent audience you're tapping into. Plus, Affirm takes on 100% of the credit, fraud, and chargeback risk, so the merchant gets paid upfront (typically within 1-3 business days) and doesn't worry about the loan repayment.

For Merchants: Higher sales conversion rates and average order values via point-of-sale financing.

The most compelling value for merchants is the direct impact on their core sales metrics. Point-of-sale financing acts as a powerful lever to increase both the frequency and size of purchases.

Merchants using Affirm have reported a more than 70% lift in average cart sizes during fiscal year 2025. Some partners have seen sales conversions increase by up to 25%. This is why merchants are willing to pay a fee to Affirm-the increase in Average Order Value (AOV) and conversion rate more than covers the cost.

Here is a snapshot of the merchant-side value:

Metric	Value Proposition	FY2025 Data / Impact
Gross Merchandise Volume (GMV)	Facilitates large-scale consumer spending	$36.7 billion (FY2025 reported)
Average Order Value (AOV)	Encourages larger purchases	Reported lift of 60%+ to 70%+ for merchants
Sales Conversion Rate	Reduces cart abandonment	Increased by up to 25% for partners
Repeat Purchase Rate	Drives customer loyalty	Approximately 20% repeat purchase rate from high-LTV customers

For Both: Seamless, integrated payment network at checkout (online and in-store).

The final value proposition is the seamlessness of the payment network (a buy now, pay later or BNPL system). It works across channels, which is critical for an omnichannel retail strategy. Affirm is integrated with over 60% of e-commerce in the US, making it a ubiquitous online option.

In 2025, the in-store network expanded dramatically, moving beyond just a virtual card. This is defintely a game-changer for physical retail. Key developments include:

• Launch on Stripe Terminal in August 2025, enabling in-store BNPL for merchants using Stripe's hardware (over one million devices).
• Availability for in-store purchases via Apple Pay on iPhone as of September 2025, offering a quick, tap-and-pay installment option.

This integration means a consumer can use Affirm almost anywhere, online or in a physical store, using the same quick eligibility check and transparent terms. The entire experience is fast, which means less friction and higher conversion for the merchant.

Affirm Holdings, Inc. (AFRM) - Canvas Business Model: Customer Relationships

Direct-to-Consumer (DTC) engagement via the Affirm mobile app and Affirm Card

Affirm's relationship with consumers is rapidly shifting from a purely point-of-sale (POS) service to a direct-to-consumer (DTC) ecosystem, primarily driven by the mobile app and the Affirm Card. This shift builds a direct, sticky relationship that bypasses the need for a merchant integration at the time of purchase. The DTC Gross Merchandise Volume (GMV) surged by 53% to reach $3.2 billion in the first fiscal quarter of 2026 (ending September 30, 2025), demonstrating the success of this strategy.

The Affirm Card acts as a key component of this DTC strategy, allowing users to apply Affirm's pay-over-time options anywhere Visa is accepted. The card's GMV is growing at an explosive rate, soaring 135% year-over-year to $1.4 billion in Q1 FY26. As of that quarter, the company had 2.8 million active cardholders, which is a strong indicator of consumer adoption for everyday discretionary spend.

• Active Consumers (Sep 2025): Over 24.1 million
• Active Cardholders (Sep 2025): 2.8 million
• Affirm Card GMV (Q1 FY26): $1.4 billion

Fully automated and digital-first service for instant credit decisions

The core of the consumer relationship is a fully automated, digital-first experience designed for speed and clarity. Affirm underwrites every individual transaction in real-time to provide an instant credit decision, a process that is far more transparent than traditional revolving credit. They are increasingly using cash-flow underwriting, which evaluates real-time spending and deposit patterns, to approve more users who might have thin credit files, like younger consumers.

This automated system allows for a high volume of transactions with minimal human intervention. To put the scale in perspective, the average number of transactions per active consumer increased to 5.8 as of June 30, 2025, up from 4.9 the previous year. That's a defintely solid increase in engagement.

High-touch, dedicated account management for large enterprise merchants

While the consumer-facing relationship is digital, the merchant relationship is highly tiered. For the largest enterprise partners-like Amazon and Apple-Affirm utilizes a high-touch, dedicated account management model. This ensures deep integration, strategic alignment, and co-marketing efforts that drive significant volume.

The success of these managed relationships is clear in the numbers. Affirm's overall active merchant count grew to 419,000 as of September 2025, but the top-tier partners continue to be massive growth engines, with GMV from the top five merchants growing by 41% in Q4 FY25.

Customer Relationship Metric	Fiscal Year 2025 / Q1 2026 Value	Significance
Active Consumers (Sep 2025)	Over 24.1 million	Scale of the direct user base.
Repeat Transaction Rate (Q4 FY25)	95%	High customer loyalty and retention.
Transactions per Active Consumer (FY25)	5.8	Frequency of engagement and stickiness.
Active Merchants (Sep 2025)	419,000	Breadth of the merchant network.
Affirm Card GMV Growth (Q1 FY26 YoY)	135%	Success of the DTC product expansion.

Transparency and trust built on a policy of never charging late fees

Affirm's foundational promise is transparency, which is a key differentiator in building consumer trust. Unlike most credit card and traditional pay-over-time options, Affirm has a strict policy of never charging late fees, hidden fees, or compounding interest.

This commitment to a fair and transparent approach is a powerful retention tool. It means the cost of a loan is known upfront, which resonates strongly with consumers, especially younger ones who are wary of revolving credit card debt. This transparency directly supports the high repeat usage, which is arguably the most critical metric for the business.

Focus on repeat customers, driving transaction volume growth

The primary focus of the customer relationship strategy is to convert first-time users into high-frequency, repeat customers. This is the engine of their transaction volume growth. In the fourth fiscal quarter of 2025, an astonishing 95% of transactions came from repeat borrowers, which is a clear sign that the consumer is highly engaged and loyal to the platform.

This repeat business model creates a powerful network effect: more active consumers lead to higher transaction volume, which in turn makes the platform more valuable to merchants. The high repeat rate, coupled with the increase in transactions per user, is what allows Affirm to drive its Gross Merchandise Volume (GMV), which hit $36.7 billion for the full fiscal year 2025.

Affirm Holdings, Inc. (AFRM) - Canvas Business Model: Channels

You need to see the channels not just as distribution points, but as high-velocity funnels that drive your core Gross Merchandise Volume (GMV). For Affirm Holdings, Inc., the channel strategy in late 2025 is a dual-pronged attack: deep integration at the merchant's point-of-sale (POS) and explosive growth in the direct-to-consumer (DTC) Affirm Card.

The merchant network reached approximately 419,000 active merchants as of September 2025, a massive increase that fuels the primary channel. Overall, the company facilitated consumer purchases totaling $36.7 billion in GMV for the fiscal year ended June 30, 2025. That's the scale we are analyzing.

E-commerce and online checkout integration with partners like Shopify and Costco

The core of Affirm's channel strength remains the seamless integration into major e-commerce platforms and large-scale merchant checkouts. This is the classic buy now, pay later (BNPL) channel, where the financing option appears directly in the payment flow. The goal is to maximize conversion by making the loan option a non-event at checkout.

A key strategic channel is the partnership with Shopify, which expanded its Shop Pay Installments internationally in April 2025, starting with Canada and targeting the UK, Australia, and key European markets next. This move is defintely critical for international GMV growth. While the company lost the Walmart partnership in 2025, which shifted about $1.5 billion in GMV away, the overall merchant network growth to over 400,000 partners shows strong diversification and resilience.

Here's the quick math on the overall platform reach as of late 2025:

Metric	Value (As of Late 2025)	Context
Active Merchants	419,000	As of September 2025, demonstrating merchant network expansion.
Active Consumers	24.1 million	As of September 2025, showing the size of the addressable consumer base.
FY 2025 Gross Merchandise Volume (GMV)	$36.7 billion	Total consumer purchases facilitated for the fiscal year ended June 30, 2025.

Direct-to-Consumer (DTC) channel via the Affirm Card and mobile application

The Direct-to-Consumer channel, primarily driven by the mobile application and the Affirm Card, is the fastest-growing part of the business. It bypasses the need for a direct merchant integration, allowing consumers to use Affirm almost anywhere. Direct-to-Consumer GMV grew 53% year-over-year to $3.2 billion in the first fiscal quarter of 2026 (ended September 30, 2025). This channel increases transaction frequency, which climbed to an average of 5.8 transactions per active consumer in FY 2025.

The Affirm Card is a game-changer because it turns all merchants into Affirm merchants, even non-integrated ones. The card's GMV surged by an impressive 135% year-over-year to reach $1.4 billion in the first fiscal quarter of 2026. This explosive growth shows the power of owning the customer relationship.

• Active Cardholders: 2.8 million as of September 2025, a key growth driver.
• Card GMV Growth: 135% year-over-year in Q1 FY2026.
• DTC GMV (Q1 FY2026): $3.2 billion, a 53% year-over-year increase.

Virtual and physical Affirm Card for use everywhere Visa is accepted

The Affirm Card functions as a hybrid debit-financing product, available in both virtual and physical formats, leveraging the Visa network for near-universal acceptance. This is a crucial channel for driving discretionary spend outside the integrated merchant network. The card's architecture allows users to pay in full or apply to pay over time directly through the Affirm mobile application, even at vendors who do not explicitly offer BNPL.

The card's success is not just in online spend; it is also a powerful in-store channel, with GMV derived from in-store usage of the card growing by a staggering 187% in the fourth fiscal quarter of 2025. This clearly indicates the card is successfully bridging the online-to-offline gap for the company.

In-store presence via point-of-sale (POS) systems and self-checkout kiosks

While the Affirm Card is the primary driver of in-store growth, the company maintains a dedicated channel for integrated physical retail. This channel involves direct integration into a retailer's point-of-sale (POS) system or self-checkout kiosks. This allows for the traditional BNPL experience at a physical register, which is essential for big-ticket items in sectors like home goods or electronics.

The strategy is to expand offline retail capabilities and enhance point-of-sale integrations. The 187% GMV growth from in-store Card usage in Q4 FY2025 is the clearest signal of the overall success in capturing physical retail spend, even as the company continues to work on its direct POS integrations.

Developer APIs for seamless merchant integration

The Developer API (Application Programming Interface) is the technical backbone that powers the merchant-integrated channels. It is the channel that allows a merchant to embed Affirm's Adaptive Checkout technology-which offers various payment options like Pay-in-X (short-term, 0% APR installment loans) and longer-term interest-bearing loans-directly into their website or app.

The availability of these APIs is what scaled the active merchant count to 419,000. The API channel is also what facilitates payment links at online checkout and integration into third-party digital wallets, ensuring the payment option is available regardless of the merchant's e-commerce setup. This technical channel is responsible for the majority of the $36.7 billion in annual GMV.

Affirm Holdings, Inc. (AFRM) - Canvas Business Model: Customer Segments

You can't build a massive payment network by focusing on just one customer. Affirm Holdings, Inc. has a dual-sided market, meaning they serve both the consumer who is buying and the merchant who is selling, plus the financial institutions that ultimately fund the loans. This structure is defintely the key to their scale and resilience.

For the fiscal year 2025, the customer base shows strong growth and diversification, which is exactly what you want to see in a high-growth fintech. The core segments are clear: the end-user consumer, the retail partner, and the capital market investors.

Consumers: Over 24.1 million active users who seek transparent, flexible credit.

This is the lifeblood of the business. As of September 2025, Affirm served over 24.1 million active consumers, a number that reflects the accelerating adoption of Buy Now, Pay Later (BNPL) services. These aren't just one-time users; the high repeat transaction rate shows they are integrating Affirm into their regular spending habits. The core value proposition here is simple: transparency. No late fees, no compounding interest, just a clear payment schedule upfront.

Here's a quick snapshot of the active consumer profile in FY 2025:

• Average Household Income: Approximately $73,000.
• Average FICO Score: Approximately 649, indicating a broad reach across the credit spectrum.
• Financial Goal: Primarily focused on cash flow management and budgeting, with approximately 63% of BNPL users citing this as a key reason for use.

Merchants: Over 419,000 businesses, ranging from small to large enterprise.

The merchant base is just as crucial, providing the point-of-sale integration that drives Gross Merchandise Volume (GMV). As of September 2025, Affirm partnered with over 419,000 active merchants. This massive network expansion is what allows the consumer to use the service for a wide range of purchases, from everyday goods to high-value items like travel and medical procedures.

Merchants use Affirm to boost their own sales metrics. For example, merchants using Affirm reported a lift of more than 70% in average cart sizes during fiscal years 2025 and 2024. This is a compelling pitch, and it explains why Affirm continues to secure major partnerships with household names like Amazon, Shopify, and Apple.

Younger demographics (Millennials/Gen Z) who prefer installment payments over revolving debt.

The strategic focus on Millennials and Gen Z is a long-term play against traditional credit cards. These younger demographics are a primary target because they are increasingly adopting BNPL services, seeing them as a more flexible and less opaque alternative to revolving credit. They value the binary precision of an installment loan over the complexity of compounding interest and hidden fees.

The growth in the Direct-to-Consumer (D2C) channel, especially the Affirm Card, is a direct result of targeting this group. D2C GMV grew an incredible 61% in Q4 FY2025, with the Affirm Card's GMV skyrocketing by 132% to $1.2 billion, showing the success of moving beyond the traditional merchant checkout. This segment is the future growth engine. The Affirm Card is a game-changer for customer engagement.

Institutional investors and banks (e.g., New York Life) that purchase loans.

This is the segment that provides the essential funding capacity, allowing Affirm to offload risk and recycle capital for new loans. These are sophisticated financial players who buy the loans originated by Affirm through asset-backed securitizations (ABS) and forward flow agreements. As of March 31, 2025, Affirm's total funding capacity grew to $23.3 billion.

The diversity of these partners is a huge strength, providing a durable funding model. The company has issued 24 ABS transactions totaling $12.25 billion, involving over 150 unique capital partners. Key institutional relationships include:

• New York Life: Expanded a long-term capital partnership in October 2025.
• PGIM Fixed Income: Secured a $3 billion revolving pass-through facility in June 2025, following a private purchase of $500 million in loans in late 2024.
• Sixth Street Partners: Engaged in a loan sale partnership, ramping up forward flow capacity.
• Moore Capital Management: Extended their long-term capital partnership through May 2027.

This capital market segment is what validates Affirm's underwriting model to the broader financial world. Here's the quick math: the total funding capacity is positioned to support over $60 billion in annual GMV, which gives them a massive runway.

Customer Segment	Key Metric (FY 2025/Q1 FY2026)	Primary Value Proposition
Consumers	Over 24.1 million active users (as of Sept 2025)	Transparent, flexible, no-fee installment payments.
Merchants	Over 419,000 active merchants (as of Sept 2025)	Increased conversion and average order value (70%+ lift in AOV).
Institutional Investors/Banks	Total funding capacity of $23.3 billion (as of Mar 2025)	Access to a diversified asset class (consumer loans) with attractive risk-adjusted returns.

Next Step: Finance should review the latest forward flow agreements with New York Life and PGIM to model the precise cost of funds for the next 12-month loan originations.

Affirm Holdings, Inc. (AFRM) - Canvas Business Model: Cost Structure

You need a clear view of where every dollar goes, especially as Affirm Holdings shifts toward sustained profitability. The core of the company's cost structure is dominated by the expenses required to source, fund, and manage its loan portfolio, which totaled $3.312 billion for the fiscal year 2025. This is a capital-intensive model, so the cost of money and the cost of risk are the two biggest drivers you need to watch.

Here's the quick math: Transaction Costs-which include funding, processing, and credit losses-are the most volatile and significant part of the equation, reflecting the nature of a Buy Now, Pay Later (BNPL) lender.

Total Operating Expenses of $3.31 billion for fiscal year 2025.

Affirm Holdings reported total operating expenses of $3.312 billion for the fiscal year ending June 30, 2025. This figure represents a combination of the direct costs associated with loan origination (transaction costs) and the fixed and semi-variable costs necessary to run the technology platform and the business itself (Selling, General & Administrative, and Research & Development).

To be fair, this total is a significant increase from the prior year, but it reflects the massive growth in Gross Merchandise Volume (GMV) to over $36.7 billion in FY2025. The key is ensuring that revenue growth outpaces this expense growth, which is the defintely the challenge in a high-interest-rate environment.

Cost Component (FY2025)	Amount (Millions USD)	Primary Function
Provision for Credit Losses	$616.68	Cost of risk/Expected loan defaults
Funding Costs	$425.45	Cost to secure capital for loans
Processing and Servicing	$457.85	Managing loan portfolio, payments, & collections
Technology and Data Analytics	$589.72	Platform development, AI underwriting
General and Administrative	$545.05	Back office, legal, HR, corporate overhead
Sales and Marketing	$434.85	Merchant acquisition, consumer awareness
Loss on Loan Purchase Commitment	$242.26	Cost related to loan sale agreements

Significant funding costs related to securing capital for loan origination.

Funding costs are the interest and fees Affirm Holdings pays to banks, institutional investors, and capital partners to get the money it needs to originate loans. For fiscal year 2025, these costs hit $425.45 million. This is a critical expense, and its volatility is directly tied to the overall interest rate environment and the credit quality of the loans Affirm holds or sells.

The company mitigates some of this through its capital-light model-selling a portion of the loans to third parties via forward flow agreements and asset-backed securitizations (ABS). Still, the cost remains a major line item. The total funding capacity grew to $23.3 billion as of March 31, 2025, which is a good sign of investor confidence in their asset quality, but that capacity comes with a price tag.

Provision for credit losses, which escalated 60.3% in Q1 FY2025.

The Provision for Credit Losses is an accounting estimate for loans expected to go bad; it's the cost of risk. This is a non-cash expense that directly impacts profitability. In the first fiscal quarter of 2025 (Q1 FY2025), this provision escalated 60.3% year-over-year to $159.8 million.

For the full fiscal year 2025, the total provision was $616.68 million. This significant expense highlights the macroeconomic pressure on consumer credit quality and the inherent risk in the BNPL model, especially with higher-risk loans. Affirm's ability to manage this line item through better underwriting, powered by AI, is the single most important factor for future net income.

Technology and development costs for the core platform and AI underwriting.

The investment in technology is a fixed cost that drives long-term competitive advantage. Affirm Holdings spent $589.72 million on Technology and Data Analytics (Research & Development) in FY2025. This is where they build the moat.

• Fund AI-driven underwriting models to reduce credit losses.
• Develop new products like the Affirm Card and Adaptive Checkout.
• Maintain the core platform and merchant integrations.

This investment is crucial because their proprietary AI-driven underwriting is what allows them to offer a no-late-fee product while managing risk better than traditional lenders.

Processing and servicing expenses for managing the loan portfolio.

These are the operational costs of running the loan book, essentially the back-end plumbing. This includes expenses for payment processing, loan servicing, and collections activities. For fiscal year 2025, these costs amounted to $457.85 million.

As the Gross Merchandise Volume (GMV) grows-which was over $36.7 billion in FY2025-these expenses naturally rise. The key is that they must grow slower than GMV and revenue, indicating improved operational efficiency and scale. The goal is to automate as much of the loan lifecycle as possible, pushing this cost component down as a percentage of total revenue.

Next step: Finance needs to model the sensitivity of the $425.45 million in Funding Costs to a 50-basis-point change in the Fed Funds Rate by the end of the month.

Affirm Holdings, Inc. (AFRM) - Canvas Business Model: Revenue Streams

You need to know exactly where the money comes from to assess Affirm Holdings's long-term viability, and the good news is their revenue model is highly diversified. The company generated a total revenue of approximately $3.22 billion for the fiscal year ended June 30, 2025, which represents a strong 39% increase year-over-year, showing a clear path to scale.

This isn't a single-stream business; it's a portfolio of income sources that de-risks their model, balancing merchant fees, consumer interest, and capital markets activity. The key takeaway is that they are successfully monetizing both the merchant side and the consumer side of their Buy Now, Pay Later (BNPL) platform. To be fair, the shift toward profitability in Q4 2025 was a pivotal moment, with net income hitting $69.2 million, a dramatic turnaround from the prior year's loss.

Total Revenue of $3.22 billion for fiscal year 2025

Affirm's total revenue for the fiscal year 2025 reached approximately $3.22 billion, a substantial increase that highlights the rapid adoption of their installment payment solutions across the US and Canadian markets. This top-line growth is a direct result of a record Gross Merchandise Volume (GMV) of $36.7 billion for the year, up 38% year-over-year, driven by their expansive merchant network and a growing base of 23 million active consumers.

Here's a quick math on the quarterly breakdown, which shows the complexity of their revenue structure. The fourth quarter of fiscal year 2025 alone saw total revenue of $876.42 million, demonstrating the power of their multi-faceted revenue streams.

Affirm Holdings, Inc. - Q4 FY2025 Revenue Breakdown (in millions)

Revenue Stream	Amount (Q4 FY2025)	YoY Growth (Q4 FY2025)	Description
Interest Income	$419.1 million	+24%	Interest charged to consumers on loans held on Affirm's balance sheet.
Merchant Network Revenue	$239.45 million	+56.2% (Network Revenue)	Fees paid by merchants for facilitating transactions and taking on credit risk.
Gain on Sales of Loans	$116.9 million	+67%	Profit realized from selling loans to third-party investors, like securitization trusts.
Card Network Revenue	$67.11 million	N/A (Included in Network Revenue)	Fees generated from the use of the Affirm Card.
Servicing Income	$33.9 million	+22.8%	Fees earned for managing and servicing off-balance sheet loan portfolios.
Total Revenue	$876.42 million	+33%

Merchant Network Revenue (fees paid by merchants)

Merchant Network Revenue is the core fee-based income, where Affirm charges merchants a fee for the service of offering installment payments to their customers. In Q4 FY2025, this revenue stream was a significant component, reaching $239.45 million. This revenue is crucial because it aligns Affirm's success directly with the growth of its merchant partners, which now number over 419,000.

This stream is often higher on 0% Annual Percentage Rate (APR) loans, as the merchant pays a larger fee to subsidize the consumer's interest. It's a strategic choice, so the company accepts a lower Revenue Less Transaction Costs (RLTC) percentage on these shorter-duration, 0% APR products to drive massive transaction volume and onboard new customers.

Interest Income on loans held on the balance sheet ($419.1 million in Q4 FY2025)

The traditional banking component of the business is Interest Income, which is the interest charged to consumers on loans that Affirm chooses to keep on its own balance sheet. This income stream grew by 24% year-over-year in Q4 FY2025 to $419.1 million, fueled by a 24% increase in the value of loans held for investment. This is a defintely important stream, but it comes with the risk of credit losses.

Affirm's underwriting model, which uses artificial intelligence (AI) to assess risk, allows them to manage this risk effectively. The strategic mix shift toward 0% APR products, which represented 29% of GMV in Q4 FY2025, actually helps here because the allowance rate for losses on those loans is roughly 60% lower than for interest-bearing loans.

Gain on Sales of Loans to third-party investors ($116.9 million in Q4 FY2025)

This revenue stream reflects Affirm's role as a loan originator and capital markets operator. It's the profit earned when they sell loans to third-party investors, such as through securitizations. This is a critical source of non-interest income that manages liquidity and reduces credit risk exposure on Affirm's balance sheet. The gain on sales of loans jumped a remarkable 67% in Q4 FY2025 to $116.9 million, indicating strong demand for Affirm's loan assets in the capital markets.

The strong increase here signals two things: improved loan sale volumes and better pricing for their loan portfolios. It's a sign of capital market confidence in their underwriting quality.

Servicing Income from managing off-balance sheet loan portfolios ($33.9 million in Q4 FY2025)

Servicing Income is the fee Affirm earns for managing the loans it has sold off its balance sheet to third-party investors. This includes collecting payments, handling customer service, and managing delinquencies. For Q4 FY2025, this income stream grew 23% to $33.9 million. This revenue is low-risk and highly valuable because it provides a steady, recurring fee based on the size of the off-balance sheet portfolio, which remained stable at approximately a 2% annualized yield.

• Merchant Network Revenue: Fees from retailers for the payment service.
• Interest Income: Interest paid by consumers on loans held by Affirm.
• Gain on Sales of Loans: Profit from selling consumer loans to investors.
• Servicing Income: Fees for managing loans held by third parties.