The outfit responsible for the fee-free installment loan offering used for over 17 million purchases, San Francisco fintech Affirm is one of the standout names in BNPL. Among its many key alliances with major brands, Affirm is the exclusive BNPL partner of Amazon, and this year it announced a partnership with Stripe for a unique adaptive checkout service offering throughout the U.S. market. Launched in 2012 by a team that included PayPal co-founder and current Chief Executive Officer Max Levchin, Affirm’s long-awaited IPO in early 2021 yielded a doubling in stock value in less than 24 hours. The company’s more than 11 million customers use its loans with more than 170,000 merchant partners around the world.
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Some financial products have historically benefited at consumers’ expense: prolonging and maximizing time in debt and charging fees without also adding value. Affirm took a long, hard look at the old system and knew that there had to be a better way, so we built it. Affirm empowers consumers by offering a transparent and flexible way to pay over time with no late or hidden fees. We provide consumers with increased purchasing power, and greater control over managing their finances. We enable eligible consumers to pay at their own pace in biweekly or monthly payments, rather than entirely up front. Unlike many credit cards and other Buy Now, Pay Later options, Affirm doesn’t charge any hidden fees, not even late fees. The interest-bearing transactions we facilitate only include simple interest. This means that the interest is based upon a fixed percentage the consumer agrees to up front at checkout and it never compounds. Consumers who choose Affirm never owe a penny more than what they agree to at checkout, even if they’re late or miss a payment. Affirm helps merchants of all sizes drive growth and better serve their customers. Overall, merchants using Affirm reported more than 60% higher average cart sizes in calendar years 2022 and 2021. We’ve proven that we can increase sales and introduce new consumers to our merchant partners. That’s why our partners include household-name brands across home and lifestyle, fashion, beauty, travel, fitness, auto service and parts, and more. This network is further bolstered by the Affirm app, which gives consumers a convenient way to use Affirm as an omnichannel payment method, while providing a marketplace for merchants to reach consumers.