CEO Max Levchin positioned Affirm as a "modern-day American Express" focused on transparency and expanding its platform to a broader audience. The company plans to discuss strategic initiatives including international expansion with a particular focus on the UK market and exploration of new verticals like rent and B2B services.
Cyborg Score Rationale
Affirm's revenue grew 30% year-over-year to $1.12 billion in Q2 2026, representing 8.1% of GMV. Card GMV surged 159% year-over-year to $2.19 billion with active consumer base growing 121% to 3.7 million users. However, regulatory scrutiny and credit quality concerns temper upside potential.
Top Insights
Total transactions increased 44% year-over-year to 54.9 million, with 96% coming from repeat customers, demonstrating strong user retention and platform stickiness
Card business surged 159% with rapid expansion representing a significant strategic win as Affirm seeks to diversify beyond traditional BNPL offerings
Affirm expanded across diverse merchant categories reducing dependence on single segments, with general merchandise at 35% of GMV, followed by fashion/beauty (15%), travel/ticketing (10%), and electronics (8%)
In late January 2026, Affirm submitted applications to establish Affirm Bank, an industrial loan company
Named Competitors
Klarna — Global BNPL and shopping app
Afterpay — BNPL owned by Square
PayPal Pay Later — BNPL integrated with payments platform
Amazon Pay Later — BNPL for Amazon ecosystem
Recent Developments
(February 2026) Expedia partnership expanded as Affirm becomes exclusive BNPL provider for travel bookings
(January 2026) Affirm Bank charter application submitted to Nevada Financial Institutions Division and FDIC
(Q2 2026) Revenue grew 30% YoY to $1.12B with Card GMV surging 159% and active merchants reaching 478,000
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