Affirm Revenue and Growth Statistics (2023)

Key Affirm user stats. Includes data on revenue, profit, investments, valuation, market share, number of users, and more.
Affirm Revenue and Growth Statistics (2023)
Last updated on:
November 7, 2022

Affirm Interesting Key Facts

  • Affirm was founded on January 1, 2021 by Max Levchin, Nathan Gettings, Jeffrey Kaditz, and Alex Rampell.
  • Max Levchin was a co-founder of Paypal and is considered a member of the Paypal Mafias.
  • Max Levchin also founded Slide and HVF as well as a key investor on Yelp.
  • The company has been in partnership with Walmart since 2019.
  • The company also partnered with Shopify, BigCommerce, and Zen-Cart.
  • When the company opened for its IPO, they raised $1.2 billion on just the first day.
  • Amazon made Affirm their exclusive buy now, pay later partner in the US through 2023.
  • In May 2022, Affirm signed a partnership deal with Stripe, Inc. to make its checkout available for Stripe users in the U.S.

Sources: Pymnts, Fortune, Forbes, The Next Web

Affirm: Company Overview (About)

At a glance:

Key statKey Info
TypePublic
Traded asNasdaq: AFRM (Class A)
 Russell 1000 component
IndustryFinance
Founders:Max Levchin, Nathan Gettings, Jeffrey Kaditz, Alastair 'Alex' Rampell
FoundedJanuary 1, 2012
Based in650 California Street, San Francisco, California , U.S.
Key PeopleMax Levchin
ProductsConsumer Loans
 Installment Loans
Market Cap$28.25 billion
Revenue$1.35 billion
Total Assets$6.97 billion
Total Equity$2.62 billion
Number of employees2,696 (as per Linkedin)
Website:https://www.affirm.com/

Sources: Linkedin, Google Finance

What is Max Levchin’s net worth?

When Affirm became public in 2021 and made Max Levchin an instant billionaire. His net worth is $2.2 billion in 2022, a decrease of around $800 million from what he had back in 2021.

YearNet Worth
2021$3 billion
2022$2.2 billion

Source: Forbes

When did Affirm go public?

Affirm began trading on NASDAQ with the symbol AFRM on January 13, 2021. On that day, the company raised around $1.2 billion in its IPO. The next day, the price of shares had doubled making Levchin’s stake in the company $2.5 billion.

Source: Reuters, Nasdaq

How does Affirm work?

Affirm is a buy-pay-later-company, where shoppers or consumers can buy stuff and pay later. This is how it works, consumers can register on their website or mobile app, and it works the same.

After registering, you are ready to shop. It’s that simple. After choosing what you want from their platform’s hundreds of thousands of shops from merchant partners, Affirm would ask you to choose whether you will have their “4 interest-free payments” or “monthly installments”. You choose a plan and you pay that amount on a scheduled date.

And that’s about it. That’s how Affirm works.

Source: Affirm

How does Affirm make money?

Affirm does not charge its consumers any late fees at all. Merchants also pay no integration fees, annual fees, or monthly fees for using their services. Affirm earns revenue in five ways:

  • Merchant discount rate (MDR) that they generate from their merchants whenever a transaction is being facilitated that’s typically 5.99%.
  • Affirm generate revenue through simple interest-bearing fees which would be $0.30 per transaction.
  • Affirm earn interchange fees whenever consumers use their virtual card over established card networks.
  • Affirm earn by selling a portion of the assets originated in their platform to third-party investors wherein they can recognize a loss or gain on the sale of these loans.
  • Affirm also makes money by providing loan services to their consumers on behalf of third-party investors.

Source: Affirm

What payment options does Affirm offer?

Affirm commonly offers two types of payment options:

  • Pay-in-4 instalments that are paid every 2 weeks claim 0% APR. Most of those shops that offer 0% APR require a 25% down payment upon approval and a 25% payment every 2 weeks until the full value is paid off.
  • Monthly payments are paid monthly with a 15% APR. This option allows consumers to pay in the span of 3 months, 6 months, or 12 months depending on the merchant. Some even allow consumers to pay for as long as 48 months.

Aside from these two, consumers can also be financed by Affirm with purchases up to $17,500.

Also, the downside that most people find in Affirm is that it has a high interest that climbs up to 30%. However, with the length that some merchants allow, 30% is just fair and very affordable.

Sources: Affirm, Investopedia

What is Affirm’s revenue?

Affirm generated a revenue of $1.35 billion at the end of fiscal year on June 31, 2022. It increased by 55.01% in year-over-year growth.

Fiscal YearRevenueY/Y Change
2019$264.37 million
2020$509.53 million92.74% increase
2021$870.46 million70.84% increase
2022$1.35 billion55.01% increase

Source: Google Finance

Affirm revenue breakdown by segment

At the end of the fiscal year on June 30, 2022, Affirm’s revenue in the merchant network segment was $458.51 million, and $100.70 million for the virtual card network segment.

Fiscal YearMerchant NetworkVirtual Card NetworkInterest IncomeGain (loss) on sales of loansServicing Income
2019$132.63 million$7.91 million$119.40 million$400,000$5.13 million
2020$256.76 million$19.34 million$186.73 million$31.91 million$14.80 million
2021$379.55 million$49.85 million$326.42 million$89.23 million$24.72 million
2022$458.51 million$100.70 million$527.88 million$196.44 million$65.77 million

Source: Affirm 1, Affirm 2

Affirm revenue breakdown by region

These are Affirm’s revenue per region at the end of each fiscal year.

Region2019202020212022
U.S.$264.37 million$506.21 million$857.22 million$1.30 billion
Canada$3.32 million$13.24 million$44.85 million
Other$136,000

Source: Affirm

Affirm: operating expenses

Affirm spent $2.21 billion on their operations at the end of fiscal year 2022. It is 76.80% more than they spent at the end of the fiscal year on June 30, 2021.

Fiscal YearOperating ExpenseY/Y Change
2019$391.81 million
2020$617.32 million57.56% increase
2021$1.25 billion102.49% increase
2022$2.21 billion76.80% increase

Source: Affirm 1, Affirm 2

Affirm Expenses by Type

Fiscal YearSales and MarketingGeneral and administrativeTechnology and data analyticsProcessing and servicingFunding costsLoss on loan purchase commitment
2019$16.86 million$88.90 million$76.07 million$32.67 million$25.90 million$73.38 million
2020$25.04 million$121.23 million$122.38 million$49.83 million$32.32 million$161.45 million
2021$182.90 million$383.75 million$249.34 million$73.58 million$52.70 million$246.70 million
2022$532.34 million$577.49 million$418.64 million$157.81 million$69.69 million$204.08 million

Source: Affirm 1, Affirm 2

How much did Affirm spend on advertisement?

Affirm spent $74 million on advertisements in 2022. This is a large increase compared to their advertising expense in 2019, about 28 times more money spent.

YearAdvertising Expense
2019$2.60 million
2020$3.30 million
2021$48.10 million
2022$74.00 million

Source: Affirm

Affirm Profit

Affirm had made $703.14 million in profits at the end of the fiscal year 2022.

Fiscal YearProfitY/Y Change
2019$129.73 million
2020$305.00 million135.10% increase
2021$494.85 million62.25% increase
2022$703.14 million42.09% increase

Source: Affirm

Affirm Funding History

Affirm raised a total of $1.5 billion over 12 funding rounds. Their latest funding was on January 13, 2021 for their Post-IPO Equity round.

Announced DateTransaction NameNumber of InvestorsMoney RaisedLead Investors
Jan 13, 2021Post-IPO Equity2
Sep 17, 2020Series G8$500 millionDurable Capital Partners, GIC
Apr 3, 2019Series F12$300 millionThrive Capital
Apr 1, 2018Secondary Market1
Dec 11, 2017Series E8$200 millionGIC
Oct 13, 2016Debt Financing1$100 millionMorgan Stanley
Apr 13, 2016Series D7$100 millionFounders Fund
Aug 18, 2015Series B1
May 6, 2015Series B5$275 millionSpark Capital
Jun 9, 2014Series A3$45 million

Source: Crunchbase

Affirm Investments

Affirm had only made 2 investments so far. These are:

Announced DateOrganization NameLead InvestorFunding RoundMoney Raised
Dec 14, 2021NYDIGPrivate Equity Round - NYDIG$1 billion
Nov 15, 2021ImprintSeries A - Imprint$38 million

Source: Crunchbase

Affirm Acquisitions

Acquiree NameAnnounced DatePriceTransaction Name
KiteAug 2, 2021$26 millionKite acquired by Affirm
ReturnlyApr 21, 2021$300 millionReturnly acquired by Affirm
PayBrightDec 3, 2020$264 millionPayBright acquired by Affirm
SweepApr 27, 2016Sweep acquired by Affirm
LendLayerAug 5, 2015LendLayer acquired by Affirm

Source: Crunchbase

Affirm: Valuation

YearValuation
2016$800 million
2019$2.9 billion
2021$24 billion

Sources: The New York Times, TechCrunch, Forbes

Affirm: Market Cap

YearMarket Cap
2021$2.65 billion
2022$28.25 billion

Source: Google Finance

What is Affirm’s market share?

In 2021, Affirm had a market share of 36%, dominating the BNPL industry.

CompanyMarket Share (2021)
Affirm36%
Afterpay21%
Klarna18%

However, in 2022, Klarna took over the lead where Affirm only had 19.6% in market share.

CompanyMarket Share (2022)
Affirm19.60%
Afterpay22.60%
Klarna44.50%

Source: CNBC, Payments Dive

Who invested in Affirm?

Affirm had a total of 27 investors through the years. The table below shows us their most recent investors.

Investor NameLead InvestorFunding RoundPartners
SV AngelPost-IPO Equity - Affirm
GGV CapitalPost-IPO Equity - Affirm
Baillie GiffordSeries G - Affirm
Wellington ManagementSeries G - Affirm
Founders FundSeries G - AffirmBrian Singerman
Durable Capital PartnersYesSeries G - Affirm
Spark CapitalSeries G - AffirmJeremy Philips
GICYesSeries G - Affirm
Fidelity Management and Research CompanySeries G - Affirm
Lightspeed Venture PartnersSeries G - AffirmJeremy Liew

Source: Crunchbase

What is Affirm’s gross merchandise value (GMV)?

Affirm had a gross merchandise value (GMV) of $17.00 billion at the end of the fiscal Year on June 30, 2022, more than twice what they processed in 2021.

Fiscal YearGross Merchandise Value
2019$2.62 billion
2020$4.64 billion
2021$8.29 billion
2022$17.00 billion

Source: Affirm

How many active users does Affirm have?

There are 13.98 million consumers using Affirm at the end of the fiscal year 2022.

Fiscal YearConsumersY/Y Change
20192.05 million
20203.62 million76.59% increase
20217.12 million96.69% increase
202213.98 million96.35% increase

Source: Affirm 1, Affirm 2

How many active users does Affirm have? (Quarterly)

QuarterlyConsumers
Jun 20192.05 million
Sep 20192.34 million
Mar 20203.38 million
Jun 20203.62 million
Sep 20206.20 million
Dec 20204.50 million
Mar 20215.40 million
Jun 20217.12 million
Sep 20218.70 million
Dec 202111.2 million
Mar 202212.7 million
Jun 202213.98 million

Affirm also stated that there are more than 15 million consumers using their platform as of December 2022.

Source: Affirm 1, Affirm 2, Affirm 3

Affirm Consumers’ Age Distribution

Age BracketPercentage
18-2420.26%
25-3430.04%
35-4421.51%
45-5414.27%
55-648.97%
65+4.95%

Source: Similarweb

Affirm Consumers’ Gender Distribution

GenderPercentage
Male59.47%
Female40.53%

Source: Similarweb

How many transactions does each active Affirm consumer make?

According to Affirm, each active consumer has an average of 3 transactions per year.

Month and YearAverage Number of Transactions
Jun 20192
Sep 20192
Mar 20202.09
Jun 20202.13
Sep 20202.2
Dec 20202.17
Mar 20212.27
Jun 20212.29
Sep 20212.3
Dec 20212.5
Mar 20222.7
June 20223

Source: Affirm 1, Affirm 2

How many merchants are there in Affirm?

As of December 2022, there are 245,000 active merchants in Affirm.

Month and YearActive Merchants
Sep 20206,500
May 202112,000
Jun 202129,000
Sep 2021102,000
Dec 2021168,000
May 2022207,000
Jun 2022235,000
Dec 2022245,000

Sources: Affirm 1, Affirm 2, Affirm 3

Who are Affirm’s largest merchant partners?

With over 245,000 merchants on their platform, Affirm has partnered with the largest sellers in the world. They are Amazon’s exclusive BNPL partner through January 2023. They are also partnered with Gucci, Walmart, and others. Here are some of their largest merchant partners.

  • Amazon
  • Gucci
  • Tonal
  • Dyson
  • Expedia
  • Walmart
  • Adidas
  • Sony
  • StockX
  • Eventbrite
  • Peloton
  • Shopify
  • Zen-Cart

Sources: Affirm, Finty, Crunchbase

What are the categories of products in Affirm?

  • Accessories
  • Apparel
  • Auto
  • Beauty & Health
  • Black-owned businesses
  • Electronics
  • Events & experiences
  • Fitness & gear
  • Home & furniture
  • Luxury
  • Shoes
  • Toys & games
  • Travel
  • Wedding

Source: Affirm

What is Affirm’s merchant retention rate?

Affirm reported that their dollar-based merchant retention rate has been constantly exceeding 100% since 2016.

Source: Affirm

What is Affirm’s loan-based consumer retention rate?

At the end of fiscal year on June 30, 2022, 81% of Affirm’s loan transactions are driven by repeat consumers, an increase of 9% compared to what the company had at the end of fiscal year 2021.

Month and YearLoan Percentage
June 202064.00%
June 202172.00%
June 202281%

Source: Affirm 1, Affirm 2

How many transactions were completed at Affirm?

Affirm had a total of 34.29 million transactions on March 2022. These are calculated by multiplying the number of consumers with the average transaction per customer.

Month & YearTransactions
June 20194.10 million
September 20194.68 million
March 20207.06 million
Jun 20207.71 million
Sep 202013.64 million
Dec 20209.77 million
Mar 202112.23 million
Jun 202116.38 million
Sep 202120.00 million
Dec 202128.00 million
Mar 202234.29 million
Jun 202241.94 million

Source: Affirm 1, Affirm 2

How many people work at Affirm?

As of 2022, there are 2,552 employees working at Affirm.

Fiscal YearEmployees
2020916
20211,641
20222,552

Source: Affirm 1, Affirm 2

Which countries use Affirm the most?

YearPercentage
United States94.44%
Canada2.11%
Poland0.30%
United Kingdom0.24%
Mexico0.20%
Others2.72%

Source: SimilarWeb

Where is Affirm available (in which countries)?

Affirm works with U.S.-based and Canada-based businesses. As well as businesses based outside the U.S. as long as these conditions are met:

  • The business has a U.S. or Canadian entity.
  • The majority of their customers have a billing address in the U.S. or Canada.
  • The business has a U.S. or Canadian bank account where Affirm can deposit funds.

Furthermore, the company can only provide their pay-over-time solution to U.S. and Canadian shoppers.

Source: Affirm

How much time do people spend on affirm.com?

People spend an average time of 00:02:56 on their visits on affirm.com.

Source: SimilarWeb

Affirm Mobile App Statistics: Android vs iOS

These are the key stats and key info on Affirm mobile app on Android as of December 2022:

Key StatKey Info
Launch DateJune 20, 2016
Total Downloads~100 million
Rating Reviews4.8 out of 5 stars
Total Review Votes10,219,803

These are the key stats and key info on Affirm mobile app on iOS as of December 2022:

Key StatKey Info
Launch DateAugust 24, 2018
Total Downloadsmore than 100 million
Rating Reviews4.8 out of 5 stars
Total Review Votes‎1,243,053

Source: Google Play, Apple Store

Affirm Website Traffic Analysis

Key StatKey Info
Daily Unique Visitors203,309
Monthly Visits6,160,263
Pages per Visitor3.88
Daily Pageviews788,838
Monthly Visits (SEMrush)5,455,506
Monthly Unique Visitors (SEMrush)3,087,281
Monthly Visits (SimilarWeb)6,099,260
Alexa Rank5,200
Alexa Reach0.0123% (of global internet users)
Bounce rate42.83%

Source: HypeStat

Affirm Website Traffic Sources

SourcePercentage
Direct60.03%
Referral21.83%
Search16.61%
Social0.49%
Paid1.04%

Source: HypeStat

Affirm Traffic Source: Desktop vs Mobile

DevicePercentage
Desktop27.72%
Mobile72.28%

Source: HypeStat

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About the author

Ch Daniel is the co-founder of SignHouse and chairman of the CH Group. Daniel is leading the development of SignHouse's product, as well as strategising how else the company can reach its main mission: empowering 100M+ to use the world's most efficient document organisational tools.

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