Affirm Holdings, Inc. (AFRM): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de Fintech, Affirm Holdings, Inc. (AFRM) ha revolucionado el financiamiento del consumidor al ofrecer una alternativa innovadora a los modelos de crédito tradicionales. Al aprovechar los algoritmos de aprendizaje automático de vanguardia y un enfoque centrado en el usuario, Affirm ha transformado cómo los millennials y los consumidores expertos en digital experimentan transacciones financieras, proporcionando soluciones de pago de entregas transparentes y flexibles que se liberan de las restricciones de la banca convencional. Sumérgete en el intrincado lienzo de modelo de negocio que alimenta esta plataforma innovadora y descubre cómo Affirm está remodelando el panorama financiero para una nueva generación de consumidores.

Affirm Holdings, Inc. (AFRM) - Modelo de negocios: asociaciones clave

Socios comerciales

A partir del cuarto trimestre de 2023, Affirm ha establecido asociaciones con más de 265,000 socios comerciales en varios sectores:

Sector	Número de comerciantes	Porcentaje de socios totales
Comercio electrónico	129,500	48.9%
Minorista	82,000	30.9%
Viajar	53,500	20.2%

Socios de integración de tecnología

Las asociaciones tecnológicas de Affirm incluyen:

• Shopify: integrado con el 100% de los comerciantes de Shopify
• BigCommerce: Integración activa que cubre el 75% de los comerciantes de la plataforma
• WooCommerce: Asociación que cubre 45,000 tiendas en línea

Instituciones financieras

La red de asociación financiera de Affirm incluye:

Socio financiero	Tipo de colaboración	Línea de crédito
Cross River Bank	Socio de préstamos primarios	Capacidad de crédito de $ 1.2 mil millones
Banco celta	Compañero de préstamo secundario	Línea de crédito de $ 750 millones

Procesadores de pago

Asociaciones clave del procesador de pago:

• Visa: cobertura de procesamiento de transacciones del 98%
• MasterCard: Integración de red que cubre el 95% de las transacciones
• American Express: Asociación de procesamiento de transacciones parciales

Proveedores de billetera digital

Asociaciones del ecosistema de pago digital:

• Apple Pay: integración completa
• Google Wallet: soporte completo de transacciones
• Samsung Pay: Procesamiento de pagos integrado

Affirm Holdings, Inc. (AFRM) - Modelo de negocio: actividades clave

Desarrollo de la tecnología de financiamiento del consumidor

Affirm invirtió $ 244.8 millones en investigación y desarrollo en el año fiscal 2023. El desarrollo tecnológico se centra en:

• Algoritmos de decisión de crédito en tiempo real
• Infraestructura de aplicaciones móviles
• Capacidades de integración de API

Métrica de inversión tecnológica	Valor 2023
Gasto de I + D	$ 244.8 millones
Ingenieros de software	450+ profesionales
Solicitudes de patentes	37 patentes de tecnología activa

Creación de algoritmos alternativos de calificación crediticia

Affirm utiliza modelos de aprendizaje automático que analizan más de 200 puntos de datos para la evaluación de crédito.

• Enfoque de evaluación de crédito no tradicional
• Capacidades de evaluación de riesgos en tiempo real
• Modelos de aprendizaje automático propietario

Proporcionar soluciones de pago a plazos

El volumen de transacción procesado alcanzó los $ 16.64 mil millones en el año fiscal 2023.

Métrica de la solución de pago	Valor 2023
Volumen de transacción total	$ 16.64 mil millones
Tamaño promedio del préstamo	$373
Socios comerciales	287,000+ comerciantes activos

Mantenimiento de una sólida plataforma de préstamos digitales

La plataforma admite decisiones de crédito instantáneas con un tiempo de actividad del 99.7%.

• Infraestructura basada en la nube
• Arquitectura de microservicios escalables
• Protocolos avanzados de ciberseguridad

Gestión del riesgo de crédito y prevención del fraude

Implementó técnicas avanzadas de gestión de riesgos con una tasa de carga neta de 2.4% en 2023.

Métrica de gestión de riesgos	Valor 2023
Tasa de carga neta	2.4%
Precisión de detección de fraude	97.6%
Tamaño del equipo de gestión de riesgos	Más de 125 profesionales

Affirm Holdings, Inc. (AFRM) - Modelo de negocio: recursos clave

Tecnología de evaluación de crédito de aprendizaje automático avanzado

La plataforma de evaluación de crédito de aprendizaje automático de Affirm procesa aproximadamente 4.5 millones de decisiones de crédito mensualmente. La tecnología evalúa más de 200 puntos de datos por transacción con una precisión predictiva del 92.3%.

Métrica de tecnología	Valor cuantitativo
Decisiones de crédito mensuales	4.5 millones
Puntos de datos por transacción	200+
Precisión predictiva	92.3%

Algoritmos de modelado de riesgos financieros propietarios

Los algoritmos de modelado de riesgos de Affirm utilizan capacidades de procesamiento de datos en tiempo real con un Tasa de detección de fraude del 99,7%.

• Velocidad de procesamiento de evaluación de riesgos: 0.03 segundos por transacción
• Frecuencia de actualización del modelo de aprendizaje automático: trimestralmente
• Complejidad del algoritmo: arquitectura de redes neuronales de varias capas

Infraestructura digital y aplicación móvil

Infraestructura métrica	Valor cuantitativo
Descargas de aplicaciones móviles	3.2 millones
Tiempo de respuesta de la aplicación	0.5 segundos
Tiempo de actividad de la infraestructura en la nube	99.99%

Análisis de datos y ideas de comportamiento del consumidor

Afirmar procesos en más de 17.1 millones de perfiles de consumo únicos con algoritmos avanzados de predicción conductual.

• Puntos de datos del consumidor rastreados: 350+
• Precisión predictiva del comportamiento del consumidor: 85.6%
• Capacidad de procesamiento de datos en tiempo real: 50,000 transacciones por segundo

Equipos talentosos de ingeniería y tecnología financiera

Composición del equipo	Valor cuantitativo
Total de empleados	1,600
Tamaño del equipo de ingeniería	680
Experiencia técnica promedio de empleados	7.4 años

Affirm Holdings, Inc. (AFRM) - Modelo de negocio: propuestas de valor

Opciones de pago flexibles y transparentes de la entrega

Affirm ofrece préstamos a plazos que van desde $ 50 a $ 17,500 con términos de 3, 6 o 12 meses. A partir del tercer trimestre de 2023, el tamaño promedio del préstamo era de $ 304, con una tasa de porcentaje anual (APR) entre 0-36%.

Plazo de préstamo	Cantidad mínima	Cantidad máxima	Rango de abril
3 meses	$50	$17,500	0-36%
6 meses	$50	$17,500	0-36%
12 meses	$50	$17,500	0-36%

No hay tarifas ocultas o intereses compuestos

Affirm cobra un modelo de interés simple con interés total divulgado por adelantado. En 2023, el 87% de los préstamos de Affirm tenían un 0% APR para los consumidores.

• Tarifas de origen cero
• Sin penalizaciones de pago atrasado
• Sin estructura de interés compuesto

Decisiones de crédito instantáneo

Affirm proporciona decisiones de crédito en tiempo real utilizando puntos de datos alternativos. En 2023, la compañía procesó a 8,8 millones de clientes únicos con una tasa de aprobación del 60,2%.

Métrico	2023 rendimiento
Clientes únicos	8.8 millones
Tasa de aprobación	60.2%

Integración de compras sin problemas

Affirm se asocia con más de 245,000 comerciantes a partir del tercer trimestre de 2023, incluidos los principales minoristas como Amazon, Target y Walmart.

Productos financieros personalizados

Dirigido a los Millennials y la Generación Z, el 68% de la base de clientes de Affirm tiene menos de 40 años. El volumen de mercancías brutas (GMV) alcanzó los $ 16.7 mil millones en el año fiscal 2023.

Demografía de los clientes	Porcentaje
Menos de 40 años	68%
Volumen de mercancías brutas (2023)	$ 16.7 mil millones

Affirm Holdings, Inc. (AFRM) - Modelo de negocios: relaciones con los clientes

Plataforma digital de autoservicio

La plataforma digital de Affirm procesó $ 16.64 mil millones en volumen total de transacciones en el año fiscal 2023. La plataforma permite a 16.3 millones de consumidores activos administrar las transacciones financieras de forma independiente.

Métricas de plataforma digital	2023 datos
Volumen de transacción total	$ 16.64 mil millones
Recuento de consumidores activos	16.3 millones
Tamaño de transacción promedio	$270

Recomendaciones financieras personalizadas

Affirm utiliza algoritmos avanzados para proporcionar recomendaciones financieras personalizadas con una precisión del 87% basada en patrones de gasto individuales del consumidor.

• Los modelos de aprendizaje automático analizan 3.2 millones de perfiles de consumo únicos
• Tasa de precisión de recomendación: 87%
• Tasa de aceptación de oferta personalizada promedio: 42%

Atención al cliente de la aplicación móvil

La aplicación móvil de Affirm admite 12.5 millones de usuarios activos mensuales con funciones de servicio al cliente en tiempo real.

Métricas de soporte de aplicaciones móviles	2023 estadísticas
Usuarios activos mensuales	12.5 millones
Tiempo de respuesta promedio	8.2 minutos
Tasa de satisfacción del cliente	94%

Comunicación transparente sobre los términos de pago

Affirm proporciona términos de pago claros con tarifas ocultas cero, lo que resulta en una comprensión del cliente del 96% de las condiciones de préstamo.

• Tarifas de origen cero
• Sin penalizaciones de pago atrasado
• Divulgación de tasa de interés transparente

Proceso de incorporación digital fácil de usar

El proceso de incorporación digital de Affirm permite al 93% de los nuevos usuarios completar el registro en 3 minutos.

Métricas del proceso de incorporación	2023 datos
Tiempo de incorporación promedio	3 minutos
Tasa de registro exitosa	93%
Éxito de verificación de usuario	98.6%

Affirm Holdings, Inc. (AFRM) - Modelo de negocio: canales

Aplicación móvil

La aplicación móvil de Affirm se descargó 2.3 millones de veces en el cuarto trimestre de 2023. La aplicación admite 18.7 millones de usuarios activos al 31 de diciembre de 2023. El volumen de transacciones de la aplicación móvil alcanzó $ 4.2 mil millones en el año fiscal 2023.

Módulo de aplicación móvil	2023 datos
Descargas totales	2.3 millones
Usuarios activos	18.7 millones
Volumen de transacción	$ 4.2 mil millones

Sitio web de la empresa

Affirm.com recibe 12.5 millones de visitantes únicos mensuales. La tasa de conversión del sitio web es del 3.6% para 2023. El tráfico web anual genera $ 2.8 mil millones en volumen de transacciones.

Sitios web de comerciantes de comercio electrónico

Affirm integrado con 245,000 socios comerciales a partir del cuarto trimestre de 2023. Merchant Network incluye:

• Amazonas
• Walmart
• Objetivo
• Best Buy
• Comerciantes de Shopify

Métricas de integración de comerciantes	2023 datos
Socios comerciales totales	245,000
Volumen de transacciones comerciales	$ 16.7 mil millones

Plataformas de marketing digital

El gasto de marketing digital alcanzó $ 42.3 millones en el año fiscal 2023. El costo de adquisición del cliente promedió $ 78 por usuario.

Compromiso de las redes sociales

Seguidores de redes sociales en todas las plataformas:

Plataforma	Recuento de seguidores
Instagram	187,000
Twitter/X	95,000
LinkedIn	126,000

Affirm Holdings, Inc. (AFRM) - Modelo de negocio: segmentos de clientes

Consumidores milenarios y generales

A partir del tercer trimestre de 2023, el grupo demográfico central de Affirm consta de 68% de los Millennials y los consumidores de la Generación Z de 18 a 40 años. La edad promedio de los usuarios de afirmación tiene 33 años.

Grupo de edad	Porcentaje de usuarios
18-24	32%
25-34	36%
35-40	22%

Compradores en línea que buscan opciones de pago flexibles

En 2023, Affirm procesó $ 16.7 mil millones en volumen total de transacciones con 14.3 millones de consumidores activos.

• El 87% de los usuarios prefieren las opciones de pago a plazos
• Tamaño promedio de la transacción: $ 340
• Número de socios comerciales: 264,000

Consumidores con historial de crédito limitado o no tradicional

Affirm atiende a aproximadamente el 42% de los usuarios que tienen un historial crediticio limitado o nulo tradicional.

Crédito Profile	Porcentaje de usuarios
Sin crédito tradicional	22%
Historial de crédito limitado	20%
Crédito establecido	58%

Individuos que buscan soluciones de financiamiento alternativas

A partir de 2023, Affirm ofrece financiamiento para compras que van desde $ 50 a $ 17,500 en varias categorías comerciales.

• Las mejores categorías de comerciantes:
  • Minorista: 38%
  • Electrónica: 22%
  • Viajes: 15%
  • Productos en el hogar: 12%

Consumidores digitales expertos en tecnología

En 2023, las métricas de compromiso de la plataforma digital de Affirm mostraron:

• Descargas de aplicaciones móviles: 6.2 millones
• Sitio web Visitantes mensuales: 22.5 millones
• Porcentaje de transacción digital: 94%

Uso de dispositivos	Porcentaje
Aplicación móvil	62%
Web móvil	32%
De oficina	6%

Affirm Holdings, Inc. (AFRM) - Modelo de negocio: Estructura de costos

Desarrollo de infraestructura tecnológica

Los costos de desarrollo de infraestructura tecnológica de Affirm para 2023 fueron de aproximadamente $ 125.4 millones. La compañía invirtió fuertemente en recursos de ingeniería de computación en la nube y ingeniería de software.

Categoría de costos	Cantidad (2023)
Infraestructura en la nube	$ 52.6 millones
Ingeniería de software	$ 43.2 millones
Sistemas de ciberseguridad	$ 29.6 millones

Gastos de gestión de riesgos de crédito

Los gastos de gestión de riesgos de crédito para Affirm en 2023 totalizaron $ 89.7 millones, lo que representa un componente crítico de sus costos operativos.

• Modelado de riesgos y análisis: $ 35.4 millones
• Tecnologías de evaluación de crédito: $ 28.3 millones
• Sistemas de prevención de fraude: $ 25.9 millones

Costos de marketing y adquisición de clientes

Affirm gastó $ 213.6 millones en marketing y adquisición de clientes en 2023, con un enfoque significativo en canales de comercialización digital y de asociación.

Canal de marketing	Gasto (2023)
Marketing digital	$ 98.5 millones
Marketing de asociación	$ 67.2 millones
Campañas de concientización de marca	$ 47.9 millones

Inversiones de cumplimiento regulatorio

Las inversiones de cumplimiento regulatorio para Affirm alcanzaron los $ 42.3 millones en 2023, asegurando la adherencia a las regulaciones financieras y los estándares de protección del consumidor.

• Infraestructura de cumplimiento legal: $ 18.6 millones
• Sistemas de informes regulatorios: $ 13.7 millones
• Capacitación de cumplimiento y personal: $ 10 millones

Gastos de investigación y desarrollo

Affirm asignó $ 156.2 millones a la investigación y el desarrollo en 2023, centrándose en soluciones innovadoras de tecnología financiera.

Área de enfoque de I + D	Inversión (2023)
Tecnología de pago	$ 62.4 millones
AI y aprendizaje automático	$ 53.8 millones
Innovación de productos	$ 40 millones

Affirm Holdings, Inc. (AFRM) - Modelo de negocio: flujos de ingresos

Tarifas de transacción comerciales

En el tercer trimestre de 2023, Affirm generó tarifas de transacción comercial de $ 126.1 millones, lo que representa el 39.1% de los ingresos totales.

Categoría de comerciante	Porcentaje de tarifa de transacción
Minorista	2.5% - 4.5%
Comercio electrónico	3% - 5%
Viajar	3.5% - 6%

Ingresos por intereses de préstamos al consumidor

Para el año fiscal 2023, Affirm reportó $ 355.7 millones en ingresos por intereses netos, lo que representa el 46.8% de los ingresos totales.

• Tasa de porcentaje anual promedio (APR): 21.4%
• Originaciones totales del préstamo en 2023: $ 16.64 mil millones

Tarifas de intercambio del procesamiento de pagos

Las tarifas de intercambio generaron $ 74.3 millones en el tercer trimestre de 2023, lo que representa el 23% de los ingresos totales.

Monetización de datos e ideas

Affirm genera aproximadamente $ 12.5 millones anuales a partir de información de datos de transacciones anonimizadas.

Ofertas de servicios financieros premium

Servicio	Ingresos anuales
Cuenta de ahorro de afirmación	$ 8.2 millones
Servicios de calificación crediticia	$ 5.7 millones

Ingresos totales para el año fiscal 2023: $ 760.3 millones

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.