What is Affirm's role in the digital payments transformation?
Affirm is moving pay-over-time from an online checkout button into everyday digital payments. Its GMV was $50.2 billion in the year to June 30, 2026, up approximately 37%, from $36.7 billion in fiscal 2025 and $26.6 billion in fiscal 2024; active consumers reached 27.8 million and transactions per active consumer 7.0, up from 4.9 two years earlier. In the June 2026 quarter GMV rose 36% to $14.1 billion while transactions rose 41% to 53 million, as average order value fell. The Affirm Card, a debit card that lets users pay in full or split a purchase, accounted for approximately 15% of transactions at June 30, 2026, against 8% two years earlier, and card GMV rose 124% to $2.8 billion in the quarter. Affirm also sits inside other companies' rails: Apple Pay in-store on iPhone (September 2025), Stripe Terminal, Google Pay and Chrome autofill, Worldpay for Platforms and QuickBooks Payments. It is broadly available in the US, Canada and the UK, and began a limited launch in Australia in the first quarter of fiscal 2027. AI's role in the shift is the per-purchase underwriting that each of these surfaces calls in real time.[1][2][3][4][5][6][7][8]
Data as of Oct 19, 2026 · Affirm profile updated Oct 19, 2026 · 21 sources cited on this page · 52 fintechs profiled on this site · Markdown
How much volume runs through Affirm, and how fast is it growing?
From Affirm's 10-K filings, its FQ3'26 shareholder letter and PYMNTS' report of the FQ4'26 results. Affirm's fiscal year ends June 30.
| Metric | Value | Period |
|---|---|---|
| Gross merchandise volume (GMV) | $50.2 billion, up approximately 37% | Fiscal 2026[1] |
| Gross merchandise volume (GMV) | $36.7 billion, up approximately 38% from $26.6 billion in fiscal 2024 | Fiscal 2025[2] |
| Quarterly GMV and transactions | GMV $14.1 billion, up 36%; 53 million transactions, up 41%; average order value down 4% | Q4 fiscal 2026 (June quarter)[3] |
| Active consumers | 27,782 thousand (2026); 23,003 thousand (2025); 18,713 thousand (2024) | June 30, 2024–2026[1] |
| Transactions per active consumer | 7.0 (2026); 5.8 (2025); 4.9 (2024) | June 30, 2024–2026[1] |
| Active merchants | Approximately 571 thousand (up from approximately 377 thousand) | June 30, 2026 (2025)[1][2] |
| Product mix of GMV | Pay-in-X 16%, 0% APR monthly installments 14%, interest-bearing monthly installments 70% (14%, 13% and 72% in fiscal 2025) | Fiscal 2026[1] |
| GMV through card-issuing partners | $17.5 billion, up approximately 47% (fiscal 2026); $11.9 billion, up 45% (fiscal 2025) | Fiscal 2025–2026[1][2] |
| GMV by category | General merchandise 31%, travel and ticketing 15%, fashion and beauty 13% | Q4 fiscal 2026[3] |
How is Affirm moving beyond the online checkout button?
| Shift | What Affirm reports | Date |
|---|---|---|
| Its own debit card | Affirm Card was approximately 8%, 10% and 15% of transactions at June 30, 2024, 2025 and 2026; 25% of fiscal 2026 transactions began in the app, website or Affirm Card | 2024–2026[1] |
| Card scale | Card GMV $2.1 billion, up 146%, and 4.4 million active cardholders (March quarter); card GMV $2.8 billion, up 124%, 5.2 million cardholders and about 19% attach (June quarter) | 2026[9][3] |
| Wallets | Google Pay from early 2024 and Chrome autofill from August 2025; in-store with Apple Pay on iPhone (iOS 26 or later) from September 2025 | 2024–2025[6][4] |
| In-store terminals | First BNPL integration on Stripe Terminal, which has over one million devices in use, for US and Canadian merchants; Affirm says over 80% of retail spend still happens in physical stores | August 13, 2025[5] |
| Bank debit programs | FIS to let its debit-issuing bank clients offer Affirm plans through their existing debit cards and apps, with Affirm handling underwriting and servicing; Affirm Edge embeds pay-over-time into banking and credit union apps | 2025–2026[10][1] |
| Acquirers and platforms | J.P. Morgan Payments' Commerce Platform (March 2025); Worldpay for Platforms, which serves more than 1,000 SaaS companies (October 2025); exclusive pay-over-time option in QuickBooks Payments (February 2026) | 2025–2026[11][7][8] |
Where does Affirm operate, and how is the volume funded?
| Item | What the record shows | Date |
|---|---|---|
| United Kingdom | Launched with Alternative Airlines and Fexco; Affirm U.K. Limited is FCA-authorised; Stripe's UK merchants able to add Affirm online from July 2026 | November 3, 2024; June 2, 2026[12][13] |
| Canada and Australia | Broadly available in the US, Canada and the UK; limited launch in Australia in the first quarter of fiscal 2027; further expansion expected in continental Europe and Australia | August 27, 2026[1] |
| Travel | Exclusive BNPL provider for lodging and packages on Expedia, Hotels.com and Vrbo in the US, with Canada to follow | January 30, 2026[14] |
| Forward-flow capital | CPP Investments commits US$1.7 billion, expandable to US$2.2 billion, over 24 months, expected to support up to approximately US$8 billion of loan volume | June 4, 2026[15] |
| Warehouse funding | Capacity grew $1.3 billion year over year, including Affirm's inaugural UK warehouse partnership, across approximately 15 lenders | March quarter 2026[9] |
| Bank partners | Celtic Bank and Lead Bank originate substantially all US loans; Cross River Bank provides the FDIC-insured Affirm Money Account; Affirm applied in January 2026 to charter its own industrial bank | 2026[1][16] |
How does Affirm frame the shift, where does AI come in, and what is not disclosed?
The FY2026 10-K credits GMV growth to direct-to-consumer products including Affirm Card and to more merchants, consumers and transactions per consumer, and calls the card an important part of a strategy to extend Affirm across online and in-store purchases, since card users transact more often and more in stores.[1]
The shift is toward smaller, more frequent purchases: in the June 2026 quarter transactions grew faster than GMV and average order value fell 4%, while Pay in X, the short-term 0% product, grew 41%, per PYMNTS' report of the results.[3]
AI sits in the decision every new surface depends on. Affirm says it underwrites each transaction individually, and its Chrome, Apple Pay and Stripe Terminal releases each describe a quick eligibility check before plans are offered. Agentic checkout through Google's AI Mode and Gemini began rolling out in May 2026.[1][6][4][5][17]
What is not disclosed: volume through Apple Pay, Google Pay or Stripe Terminal, UK, Canadian or Australian GMV, the number of banks live on the FIS debit program or Affirm Edge, and any volume through AI agents.[1][10][17]
What does the Affirm profile record on this topic?
The rows below are the entries of the Affirm AI strategy profile that bear on this page, as of Oct 19, 2026; the profile holds the full record of 13 dated moves, 8 use cases and 15 sources.
| Use case | What the record shows | Status | Source |
|---|---|---|---|
| Transformer-based real-time underwriting | Every purchase is underwritten individually in real time; the fiscal 2026 10-K says the risk model turns key user identifiers and transaction details into over 1,000 data points (over 500 in the fiscal 2025 10-K). The transformer model, live at US checkout since September 2026, added 3.4% completed purchases in initial deployment. | In production | [18][1][2] |
| ML fraud detection | Affirm's fiscal 2026 10-K says its machine-learning risk models, calibrated on data from over 553 million loans, are custom built to detect fraud and price risk; after a basic identity check, its fraud models use approximately 350 data points (approximately 200 in the fiscal 2025 10-K) to decide near-instantly whether to block a transaction, alongside rules and investigator review. | In production | [1][2] |
| Generative-AI customer-service chatbot | The fiscal 2026 10-K says Affirm currently uses generative AI in its customer-service chatbot, with human involvement in training and monitoring. | In production | [1] |
| Pay-over-time inside AI shopping agents | Affirm options rolling out in Google Search AI Mode and the Gemini app via Google Pay; Stripe Shared Payment Token support announced for agent-initiated checkouts; support for Google's AP2 protocol. | Rolling out | [17][19][20] |
| Date | Move | Detail | Source |
|---|---|---|---|
| Aug 27, 2026 | Fiscal 2026 10-K and a second President | The 10-K reports $50.2 billion of GMV, 27.8 million active consumers and 2,358 employees, and discloses a generative-AI customer-service chatbot; the same day Michael Linford became a second President alongside Libor Michalek, who keeps engineering, risk and product. | [1][21] |
| May 12, 2026 | Affirm payments roll into Google AI Mode and Gemini | Affirm began rolling out its pay-over-time options in Google Search, including AI Mode, and the Gemini app when checking out with Google Pay. | [17] |
| Mar 3, 2026 | Stripe Shared Payment Tokens for AI-agent checkout | Affirm said it will soon support Stripe's Shared Payment Tokens so AI agents can offer Affirm pay-over-time plans at checkout without exposing credentials. | [19] |
| Jan 23, 2026 | Affirm applies for a Nevada industrial bank charter | Affirm submitted applications to the Nevada Financial Institutions Division and the FDIC to establish Affirm Bank, an FDIC-insured industrial loan company, with John Marion selected as its president. | [16] |
| Oct 9, 2025 | Affirm backs Google's Agent Payments Protocol | Affirm announced support for Google's AP2, an open protocol for agent-led payments, extending a partnership that already covered Google Pay and Chrome autofill. | [20] |
How much volume does Affirm process?
Affirm's GMV was $50.2 billion in the fiscal year to June 30, 2026, up approximately 37%, after $36.7 billion in fiscal 2025 and $26.6 billion in fiscal 2024, per its 10-K filings. In the June 2026 quarter GMV rose 36% to $14.1 billion and transactions rose 41% to 53 million.
How big is the Affirm Card?
The Affirm Card accounted for approximately 15% of Affirm's transactions at June 30, 2026, up from approximately 10% a year earlier and 8% in 2024, per the FY2026 10-K. In the June 2026 quarter card GMV rose 124% to $2.8 billion and active cardholders rose 125% to 5.2 million, per PYMNTS.
Can you use Affirm with Apple Pay or Google Pay?
Yes. Affirm launched on Google Pay in early 2024 and added Chrome autofill in August 2025, and from September 2025 US Apple Pay users on iPhone with iOS 26 or later can choose Affirm for in-store purchases after an eligibility check. Affirm has not disclosed volumes through either wallet.
Which countries is Affirm available in?
The FY2026 10-K says Affirm is broadly available to merchants and eligible consumers in the United States, Canada and the United Kingdom, where it launched in November 2024, and that it began a limited launch in Australia in the first quarter of fiscal 2027, with continental Europe also targeted.
How does Affirm fund its loans?
Through partner banks, forward-flow sales and warehouse lines. Celtic Bank and Lead Bank originate substantially all US loans; in June 2026 CPP Investments committed US$1.7 billion, expandable to US$2.2 billion, to buy Affirm loans over 24 months, and warehouse capacity spans approximately 15 lenders.
- Affirm Holdings Annual Report (Form 10-K) for the fiscal year ended June 30, 2026
- Affirm Holdings Annual Report (Form 10-K) for the fiscal year ended June 30, 2025
- Affirm Makes Smaller Purchases BNPL's Next Growth Test
- Affirm live for in-store purchases with Apple Pay on iPhone
- Affirm launches on Stripe Terminal, unlocking pay-over-time for in-store shoppers
- Affirm expands work with Google Pay, integrates with autofill on Chrome
- Affirm expands partnership with Worldpay for Platforms with embedded payments integration (Business Wire release)
- Intuit Partners with Affirm to Provide Pay-Over-Time Offering for QuickBooks Online
- Affirm FQ3'26 Shareholder Letter (Exhibit 99.1 to Form 8-K)
- FIS Partners with Affirm to Bring Integrated Pay-Over-Time Capabilities Directly to Debit Issuing Banking Clients and Their Cardholders
- Affirm inks deal with J.P. Morgan Payments to deliver more flexible, transparent payments to merchants
- Affirm's Flexible and Transparent Pay-over-Time Options Now Available in the UK
- Affirm Launches UK BNPL Partnership With Stripe
- Expedia Group and Affirm deepen partnership, with US exclusivity and plans for further expansion
- Affirm and CPP Investments renew and expand capital partnership
- Affirm submits applications to establish industrial loan company
- Affirm works with Google to make AI shopping payments clear and simple
- Affirm launches transformer-based machine learning model for real-time underwriting
- Affirm expands Stripe partnership to support Shared Payment Tokens for agentic commerce
- Affirm extends collaboration with Google as a supporter of Agent Payments Protocol (AP2)
- Affirm Holdings Form 8-K (appointment of Michael Linford as President)
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