Affirm Holdings, Inc.’s (AFRM) Q1 2022 Earnings Highlights

Max Levchin, CEO 

“…Q1 was yet another record quarter for Affirm as we continued to rapidly grow both sides of our network. We increased GMV to more than $2.7 billion during the period which we closed with some really great momentum. We achieved our first ever billion-dollar GMV month in September and had over 102,000 active merchants and 8.7 million active consumers at the end of the first fiscal quarter. That said, we measure Affirm’s result and impact in years and decades, not months and quarters.

This allows us to think strategically about delighting consumers and delivering value to our merchant partners while building an exciting brand on a foundation of trust. The seeds we planted years ago are just beginning to bear fruit. The growth of our network is accelerating and my confidence in Affirm’s market position has never been stronger. Deep, tech powered partnerships with exceptional partners form a key part of our multiyear growth strategy. These are beginning to scale up and we are continuously investing in delivering even more value for our partners with new ideas and products.

Our partnership with Shopify is showing really strong signs of scale and impact. We’ll touch on the exact numbers in a moment, but glance at the active merchant number to get a good sense for how that is starting to take shape. We continued to rapidly expand our partnership with Walmart. As recently announced, Affirm is providing Walmart’s consumers an efficient alternative to layaway for the holiday shopping season. In November, Walmart and Affirm will be marketing together across a variety of digital and physical channels, including TV walls in over 3900 Walmart stores. Our deep engagement with this all-important partner helped meaningfully accelerate our GMV with Walmart over the last year.

We see even more opportunities to serve Walmart and its consumers in the year ahead. On the strength of our test results, we’re also deepening our relationship with Amazon to help accelerate the growth of our network. Affirm will now serve as Amazon’s only credit card alternative in the buy now pay later space through the next two holiday seasons in the United States. Eligible Amazon customers will have the opportunity to use Affirm at checkout on

Amazon, providing them with a transparent and flexible way to pay at their own pace. Affirm will also be embedded as a payment method in Amazon Pay’s Digital Wallet, and become available to all consumers and merchants that use Amazon Pay at checkout in the U.S. Finally, we continued to close, launch, and expand our enterprise partnerships, broadening our network reach.

We launched American Airlines and Apple Canada, re-signed three-year deals with Priceline and Signet, launched a deeper integration with Target, which more than doubled our current Target business, and closed brand new partnerships with Newegg and Michaels. Platform and merchant partnerships and the strong growth of our consumer platform represent an incredible

opportunity to expand the potential reach of our mission to hundreds of millions of people, and we are excited to bring them access to our honest financial products. On a lighter note, I’m excited to share that we’ve launched our consumer holiday campaign just this week. You might catch us on social media while streaming TV and on billboards in several markets.

The campaign explores the stupid and stressful things that can happen around the busy holiday season, from questionable gifts through regrettable behavior, and juxtaposes that with Affirm, the smart choice for paying at your own pace with no late fees, no gotchas, and no regrets.

There’s a lot to be proud of this quarter and even more to be excited about in the years to come. Affirm’s core strengths lie in risk management, capital markets execution, and putting our ability to solve hard technical problems, toward building great products and creating consumer delight. With the context of the great unbundling of the credit card, we gave you a sneak peek into parts of our product roadmap at our Investor Forum in September….”


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