# Affirm

> Source: https://docs.barcoder.ai/docs/wallets/affirm
> research date 2026-05-29 · extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [Affirm — official](https://www.affirm.com/)

## Overview

**Affirm** is **the US's leading buy-now-pay-later (BNPL) fintech**, operated by **Affirm Holdings, Inc.** (NASDAQ: AFRM) — founded **2012 by Max Levchin** (PayPal co-founder) <sup>[1][1], [2][2]</sup>. By **2025**, Affirm reached **~27 million users** + processed **$37 billion in annual payments**. Affirm operates in **US, Canada, Australia, UK** with focused BNPL + financing products.

**Major 2025 competitive event**: In **March 2025, Walmart replaced Affirm with [Klarna](https://docs.barcoder.ai/docs/wallets/klarna) as exclusive BNPL provider** — significant loss given Walmart had generated ~5% of Affirm's GMV + 2% of adjusted operating income. **Walmart-backed OnePay's Klarna-shares acquisition** facilitated the switch. Affirm partially offset via **March 2025 JPMorgan Chase Payments partnership** (BNPL at merchant checkout up to $30,000 / 5-year repayment) + **May 2025 Costco partnership** for online installment payments.

## History

**2012 — Founded by Max Levchin** <sup>[2][2]</sup> (PayPal co-founder, also founded Slide + HVF).

**2014-2018 — US BNPL build-out** <sup>[2][2]</sup>: Pioneer of "transparent installment financing with no hidden fees" pitch.

**January 2021 — IPO on NASDAQ (AFRM) at $49/share** <sup>[2][2]</sup>: Peaked at ~$165 in late 2021; subsequent decline reflecting BNPL revaluation.

**2022 — Walmart exclusive BNPL deal** <sup>[2][2]</sup>: Major distribution partnership.

**2023-2024 — Continued growth + multi-merchant expansion** <sup>[2][2]</sup>: Amazon + Shopify + Target + Best Buy integrations.

**March 2025 — Walmart switches from Affirm to Klarna as exclusive BNPL** <sup>[3][3]</sup>: Major partnership loss.

**March 2025 — JPMorgan Chase Payments partnership** <sup>[3][3]</sup>: BNPL at JPM merchant network up to $30K / 5-year repayment.

**May 2025 — Costco Affirm online-installments partnership** <sup>[3][3]</sup>: New major US retailer.

**2025 — ~27M users + $37B annual payments** <sup>[1][1]</sup>.

## Ownership & operator

**Operating entity**: **Affirm Holdings, Inc.** (NASDAQ: AFRM) — Delaware-incorporated public company.

**Founder + CEO**: **Max Levchin** (PayPal co-founder; also Slide + HVF founder).

**Major investors**: Shopify (substantial pre-IPO stake), Khosla Ventures, Lightspeed, Andreessen Horowitz, Founders Fund, broad cap table + public float.

**Regulators**:
- **United States**: state-level money transmitter licenses + **state lending licenses** (lending product) + **CFPB** consumer-protection supervision.
- **Canada, Australia, UK**: per-country regulators.

## Technical integration

Affirm is **transparent-financing-style BNPL with Pay-in-4 + installment-financing breadth** <sup>[1][1], [2][2]</sup>:

| Layer | Description |
|---|---|
| **Channels** | Affirm app (iOS + Android) + Affirm checkout button on merchants + Affirm Card (Visa debit) |
| **Identifiers** | Email + phone number + card number |
| **Core products** | **Pay in 4** (4 biweekly installments, 0% APR), **Pay Monthly** (3-36 months, 0-36% APR depending on terms), **Affirm Card** (Visa debit + post-purchase Pay-in-4 conversion) |
| **Distinction vs Klarna** | Transparent fixed-rate financing (no late fees, no compounding interest) vs Klarna's broader product mix |
| **Card network** | **Visa** (Affirm Card) |
| **EMV-tokenization** | For Affirm Card-on-file in third-party apps |

## Users & growth

**Global (2025)** <sup>[1][1]</sup>:
- **Users**: ~27 million (active)
- **Annual payments processed**: $37 billion
- **Markets**: US, Canada, Australia, UK

**Walmart partnership impact**:
- **Walmart had generated ~5% of Affirm GMV + ~2% of adjusted operating income (H2 2024)**.
- **March 2025 loss** of Walmart was significant but partially offset by JPMorgan Chase + Costco partnerships.

## Use cases

**Pay-in-4 (biweekly, 0% APR)** <sup>[2][2]</sup>: Cardinal BNPL use — split purchase into 4 interest-free payments.

**Pay Monthly (3-36 month installments, 0-36% APR)** <sup>[2][2]</sup>: Larger-purchase financing.

**Affirm Card (Visa debit + post-purchase Pay-in-4 conversion)** <sup>[2][2]</sup>: Spend anywhere Visa accepted + convert to installments after.

**Merchant-checkout integration** <sup>[1][1]</sup>: Affirm checkout button at 250K+ US merchants.

**JPMorgan Chase merchant network checkout (March 2025+)** <sup>[3][3]</sup>: $30K limit / 5-year repayment.

**Costco online installments (May 2025+)** <sup>[3][3]</sup>: New major retailer.

**Amazon + Shopify + Target + Best Buy + Peloton integrations** <sup>[2][2]</sup>: Major US merchants.

## Implementations & partners

**Operator**: **Affirm Holdings, Inc.** (NASDAQ: AFRM).

**Card-network partner**: **Visa** (Affirm Card).

**Banking sponsor**: Cross River Bank + Celtic Bank (loan origination).

**Major merchant partners**: Amazon, Shopify, Target, Best Buy, Costco (May 2025), Peloton, Walmart (until March 2025), JPMorgan Chase merchant network (March 2025+).

**Major BNPL competitors**:
- **[Klarna](https://docs.barcoder.ai/docs/wallets/klarna)** (Swedish; NYSE: KLAR; 180M total + 114M Q3 active; replaced Affirm at Walmart March 2025).
- **Afterpay** (Block subsidiary; Cash App-integrated).
- **PayPal Pay Later** (PayPal BNPL).
- **Apple Pay Later** (US; discontinued 2024).
- **Sezzle** (US BNPL).
- **Splitit** (BNPL).

## Fun facts

- **Founded 2012 by Max Levchin** (PayPal co-founder; "PayPal Mafia" member; also founded Slide + HVF Labs).
- **NASDAQ IPO January 2021 at $49/share**; peaked ~$165 late 2021; substantial decline since reflecting BNPL revaluation.
- **March 2025 Walmart loss to Klarna** — major competitive event in US BNPL.
- **Walmart-backed OnePay's Klarna-shares acquisition** facilitated the switch — illustrates fintech retail-finance complexity.
- **March 2025 JPMorgan Chase Payments partnership** — major recovery from Walmart loss; $30K limit / 5-year repayment.
- **May 2025 Costco partnership** — new major US retailer.
- **Affirm Card distinctive**: Visa debit + post-purchase Pay-in-4 conversion.
- **Transparent-financing pitch** (no late fees, no compounding interest) distinguishes from Klarna + Afterpay.
- **27M users + $37B annual payments (2025)**.

## Comparison

| Feature | Affirm | [Klarna](https://docs.barcoder.ai/docs/wallets/klarna) | Afterpay (Block) | PayPal Pay Later | Sezzle |
|---|---|---|---|---|---|
| Operator | **Affirm Holdings (NASDAQ: AFRM)** | Klarna Group plc (NYSE: KLAR) | Block, Inc. (XYZ) — Afterpay subsidiary | PayPal Holdings (PYPL) | Sezzle Inc. (SEZL) |
| Type | **Pay-in-4 + monthly financing + Visa debit card** | Multi-product BNPL + checkout + Visa Card + bank | Pay-in-4 BNPL | BNPL within PayPal | Pay-in-4 BNPL |
| Countries | **US + CA + AU + GB** | 45+ | US + AU + UK + CA + NZ + EU | 200+ markets | US + CA |
| Users | **~27M (2025)** | 180M total / 114M Q3 active | Major (Block subsidiary) | 434M (PayPal total) | ~3M |
| US BNPL share | **Major** | 26.2% (leader) | Major | Major | Small |
| Distinctive | **Transparent fixed-rate, no late fees, Affirm Card with post-purchase Pay-in-4** | Multi-product breadth + Swedish banking license | Cash App integration (Block sister) | PayPal-ecosystem-integrated | Crypto + BNPL |
| Listed | **NASDAQ (Jan 2021)** | NYSE (Sept 2025) | Block (XYZ) | NASDAQ (PYPL) | NASDAQ (SEZL) |

## Status

**Active, leading US BNPL after Walmart loss** <sup>[1][1], [3][3]</sup>:
- **Affirm Holdings, Inc.** (NASDAQ: AFRM) — Max Levchin founder + CEO.
- **~27M users + $37B annual payments (2025)**.
- **March 2025 Walmart loss to Klarna** offset by **JPMorgan Chase Payments + Costco partnerships**.
- **US + CA + AU + GB** markets.

## Sources

[1]: https://en.wikipedia.org/wiki/Affirm_Holdings,_Inc. "Affirm Holdings — Wikipedia"
[2]: https://www.chargeflow.io/blog/klarna-vs-affirm-payments "Klarna vs Affirm 2026 — Chargeflow"
[3]: https://en.wikipedia.org/wiki/Affirm_Holdings,_Inc. "Affirm Holdings updates — Wikipedia"
[4]: https://www.sec.gov/Archives/edgar/data/0000104169/000010416925000177/earningsreleasefy26q3.htm "Walmart Q3 FY26 earnings — SEC"

- [1] [Affirm Holdings — Wikipedia][1]
- [2] [Klarna vs Affirm — Chargeflow][2]
- [3] [Affirm Holdings updates — Wikipedia][3]
- [4] [Walmart Q3 FY26 earnings — SEC][4]

## Source

Biography extracted from [affirm.md](https://docs.barcoder.ai/source/wallets/affirm). See `matrix.md` for standards-support matrix if present.