Affirm offers a “Buy Now, Pay Later” service as an alternative to traditional credit cards. Our business benefits from broader trends in technology, retail, finance and e-commerce. For example, Gen Z and Millennials, people born between 1981 and 2012, now comprise the largest proportion of the U.S. population and are driving the rapid growth in e-commerce as every element of commerce moves online. The spending power of this new generation of consumers reached over $2.5 trillion in 2020, according to YPulse.

We are building the next-generation platform for digital and mobile-first commerce. Our point-of-sale solution allows consumers to pay for purchases in fixed amounts without deferred interest, hidden fees, or penalties. We empower consumers to pay over time rather than paying for a product entirely upfront. Our platform facilitates both true 0% APR payment options and interest-bearing loans. With 0% APR, consumers pay zero interest and zero additional costs. On the interest-bearing loans we facilitate, we charge simple interest, which means consumers pay fixed amounts of interest that they agree to up front, and the interest never compounds. 

(Note: Affirm Holdings priced its IPO at $49 – well above the top of its new $41-to-$44 range – on 24.6 million shares (same number of shares as in the prospectus) to raise $1.2 billion – above the estimated proceeds of $1.0455 billion. On Jan. 11, Affirm filed an S-1/A to increase the IPO’s price range by 20 percent to $41 to $44, up from $33 to $38, on the same number of shares – 24.6 million shares. The IPO’s initial estimated proceeds were $873.3 million.)

(Note: On its first day of trading, Affirm opened at $90.90 and traded as high as $103 – or more than doubling its $49 IPO price. The stock closed at $97.24.)