Affirm
Ticker AFRM. Buy now, pay later and installment lender.
27 items in 8 issues, Oct 24, 2026 to Nov 9, 2026, newest first. Each item links to the issue it ran in, where its sources are listed.
Related: Deals and fundingCredit trendsBuy now, pay laterSezzleRegulation and policyKlarnaWalmart and OnePayCharters and sponsor banks
November 2026
- Mon, Nov 9 · BNPL & lending
Affirm Edge. Affirm plans to begin testing Edge with banks in the first half of 2027, American Banker reported. Edge embeds Affirm's pay-over-time loans in bank and credit union mobile apps. Customers would see their purchasing power and browse Affirm's marketplace inside their banking app, while Affirm originates and services the loans. At its May investor day, Affirm put the addressable market at about $140 billion. Old National Bank, a $74 billion-asset lender, said in May it was exploring Edge. Affirm President Michael Linford said of the pace, "Patience is the code word here."
Read in the issue → - Sun, Nov 8 · The long read: The charter rush, as Democrats take the Senate
The pay-later race. All three large U.S. pay-later lenders now have bank applications pending. Affirm filed in January for Affirm Bank, a Nevada industrial loan company, and Klarna applied in July for a Utah bank charter. Sezzle applied to the OCC on Oct. 22 for a national bank, a review that CEO Charlie Youakim expects to take 12 to 18 months.
Read in the issue → - Sun, Nov 8 · The long read: The charter rush, as Democrats take the Senate
What to watch. The OCC's approvals do not need the Senate, but deposit insurance from the FDIC is the gating step for de novo banks and ILCs, and FDIC board seats need confirmation. The decisions to watch are the FDIC's rulings on Affirm's ILC and Klarna's Utah bank, Sezzle's OCC review and whether OppFi refiles or ends its BNC agreement.
Read in the issue → - Sun, Nov 8 · Company spotlight: Affirm
The quarter. Affirm's GMV rose 34% to $14.4 billion in the quarter ended Sept. 30, and revenue climbed 35% to $1.262 billion against a $1.21 billion consensus. Revenue less transaction costs grew 36% to $617.1 million, or 4.3% of GMV, and GAAP operating margin widened to 14.8% from 6.8% a year earlier.
Read in the issue → - Sun, Nov 8 · Company spotlight: Affirm
Affirm Card. The Affirm Card carried $3.3 billion of GMV, up 117% and now 23% of total volume, and active cardholders more than doubled to 6.0 million. Across the business, active consumers grew 19% to 28.7 million, each making 7.3 transactions over the past year.
Read in the issue → - Sun, Nov 8 · Company spotlight: Affirm
Credit. Thirty-day-plus delinquencies on monthly installment loans rose to 2.9%, up 35 basis points from June and 9 basis points from a year earlier. The provision for credit losses climbed to $259.4 million from $162.8 million. CFO Rob O'Hare said Affirm "did choose to run some experiments within the approvals and the origination" and kept those loans on its balance sheet. He added that "the experiment itself was pretty localized to the month of September."
Read in the issue → - Sun, Nov 8 · Company spotlight: Affirm
Underwriting model. Affirm describes its new transformer-based underwriting model as "quite similar to" the systems behind popular large language models. It said the model's first version "delivered an incremental 3.4% of end-to-end conversion via significantly higher credit approvals, while keeping credit losses flat." On the call, CEO Max Levchin said that means "approving probably two, three points more people" with essentially no incremental loss.
Read in the issue → - Sun, Nov 8 · Company spotlight: Affirm
Funding. Funding capacity reached $31.7 billion, up from $26.6 billion a year earlier, and Affirm closed three asset-backed deals totaling about $1.7 billion, including its first five-year ABS. O'Hare said more than 70% of its funding is fixed rate.
Read in the issue → - Sun, Nov 8 · Company spotlight: Affirm
Guidance. Affirm raised its fiscal 2027 GMV outlook to more than $65.25 billion from more than $64 billion. It guided holiday-quarter GMV to $17.9 billion to $18.2 billion, with revenue of $1.435 billion to $1.465 billion. "We just wanted to set a responsible floor for growth for the full year," O'Hare said.
Read in the issue → - Sun, Nov 8 · Company spotlight: Affirm
On the call. "Credit is job number zero," Levchin said, noting that about a third of the company works on credit. On promotions, he added: "And so I expect 0% volume to go up a lot."
Read in the issue → - Sun, Nov 8 · Company spotlight: Affirm
Correction. Friday's and Saturday's issues incorrectly said Affirm's loan terms run under 98 days. On the Nov. 5 call, Levchin said the average term is still "very, very short" and that Affirm can deal with any overexposure it takes on today in less than 90 days.
Read in the issue → - Sun, Nov 8 · Company spotlight: Affirm, part 2
Late 2025. Affirm renewed its U.S. agreement with Amazon in November 2025 for a new term running from February 2026 through January 2031, then year to year. Affirm also reset Amazon's warrant strike to $63.06 for new vesting.
Read in the issue → - Sun, Nov 8 · Company spotlight: Affirm, part 2
Winter. In January, Affirm applied for its own bank and signed an exclusive deal with Fiserv to put Affirm installments on debit cards issued by Fiserv's bank and credit union clients. The December quarter brought GMV of $13.8 billion, up 36%, and 3.7 million cardholders.
Read in the issue → - Sun, Nov 8 · Company spotlight: Affirm, part 2
Spring. At its May investor forum, Affirm set a medium-term target of $100 billion in annual GMV, growing 25% or more. March-quarter GMV rose 35% to $11.6 billion.
Read in the issue → - Sun, Nov 8 · Company spotlight: Affirm, part 2
Summer. Canada's CPP Investments renewed its forward-flow commitment in June at $1.7 billion, expandable to $2.2 billion, and Affirm more than doubled its revolving credit facility to $675 million. Stripe opened Affirm to U.K. merchants, and in August Affirm named former CFO Michael Linford president alongside Libor Michalek.
Read in the issue → - Sun, Nov 8 · Company spotlight: Affirm, part 2
Fall. Amazon.co.uk added Affirm in September, and in October Sam's Club made Affirm its exclusive pay-later provider, online first and in clubs early in 2027. New York's financial regulator proposed BNPL licensing rules in July, including an $8 cap on penalty fees.
Read in the issue → - Sat, Nov 7 · Opening balance
The calendar. The week packed in midterm elections on Tuesday, fintech earnings from Block, Upstart and Oportun that evening, Sezzle and Affirm on Wednesday, and the October jobs report on Friday. Economists surveyed by Bloomberg expected about 70,000 new jobs.
Read in the issue → - Sat, Nov 7 · Charges
Affirm's slide. Affirm lost 7.3% for the week despite beating forecasts and raising its fiscal 2027 GMV outlook to more than $65.25 billion. Truist flagged "concerns around the credit allowance" and a holiday-quarter GMV guide of $17.9 billion to $18.2 billion that it called "more conservative than usual."
Read in the issue → - Sat, Nov 7 · Interest earned
Merchant-paid 0%. About one million products in the Affirm app now carry brand-funded promotions, and CEO Max Levchin expects 0% volume to grow as Affirm builds tools for AI shopping agents.
Read in the issue → - Sat, Nov 7 · Interest earned
Correction. Correction, Nov. 9, 2026: This issue originally said Affirm's loan terms run under 98 days. On the Nov. 5 call, Levchin said the average term is still "very, very short" and that Affirm can deal with any overexposure it takes on today in less than 90 days.
Read in the issue → - Fri, Nov 6 · Earnings
Affirm. Affirm shares fell more than 4% before the open even as it beat forecasts and raised its fiscal 2027 GMV outlook to more than $65.25 billion. Fiscal first-quarter GMV rose 33% to $14.4 billion and revenue reached $1.26 billion, but Truist flagged "concerns around the credit allowance" and a second-quarter GMV guide of $17.9 billion to $18.2 billion that it called "more conservative than usual." CEO Max Levchin called credit "job number zero" on the Nov. 5 call. Management tied the higher provisions to September approval and origination experiments kept on its balance sheet and said they are reserved appropriately. Levchin said a new transformer model could add 2 to 3 percentage points of approvals with essentially no added loss. Funding costs rose 27 basis points from the prior quarter, partly on seasonality, though more than 70% of on-balance-sheet funding is fixed rate and a recent ABS deal was more than four times oversubscribed. More than 80% of Affirm Card loans have historically been interest-bearing. About one million products in the Affirm app already carry brand-funded promotions, and Levchin expects 0% volume to grow in agentic commerce as Affirm builds APIs for shopping agents.
Read in the issue → - Fri, Nov 6 · Earnings
Correction. Correction, Nov. 9, 2026: This issue originally said Affirm's loan terms run under 98 days. On the Nov. 5 call, Levchin said the average term is still "very, very short" and that Affirm can deal with any overexposure it takes on today in less than 90 days.
Read in the issue → - Sun, Nov 1 · The week ahead
Affirm. Reports Thu Nov 5, its first results since losing Walmart to Klarna and adding Sam's Club.
Read in the issue →
October 2026
- Tue, Oct 27 · BNPL & lending
Klarna. Monness, Crespi, Hardt started coverage at Buy, with a $20 target (stock ~$12.81) on Oct 26. The firm sees margin conversion rising from ~18% in FY26 to 31% in FY28, and FY27/28 adjusted operating income 6-8.5% above consensus. It calls KLAR cheap at a PEG of 0.14 vs Affirm's 0.52.
Read in the issue → - Tue, Oct 27 · BNPL & lending
Affirm holiday push. In an Oct 26 commentary, Affirm cited Adobe's forecast of $21.3B in US online BNPL spend for Nov-Dec (+6.6% YoY). It put 30+ day delinquencies at 2.7% of monthly installment balances, and said 96% of transactions come from repeat users. It is positioning Pay in 4 (0% APR) directly against holiday card balances.
Read in the issue → - Sun, Oct 25 · Banks & charters
Charter wave. Block, Ramp, Avant and Modern Treasury have sought OCC charters in recent months, and Ramp applied the week before Sezzle. Context: Affirm applied for a Nevada ILC earlier in 2026, PayPal sought a Utah ILC in Dec 2025, and Upgrade filed for a Nevada ILC on Oct 12, 2026, naming ex-OCC and SoFi executive Virginia Varela as bank CEO.
Read in the issue → - Sat, Oct 24 · BNPL & lending
Affirm + Sam's Club (Oct 22). Exclusive, multi-year pay-over-time deal on eligible purchases of $500+. It goes live on SamsClub.com in the coming weeks, with in-club rollout planned for 2027.
Read in the issue →