Affirm Card users grow 112 percent

Affirm Holdings Inc.’s Affirm Card has seen significant growth, with the number of active card users reaching 6 million in the company’s fiscal first quarter ended Sept. 30. This increase is 112% from 2.8 million a year prior.

The Affirm Card generated $3.3 billion in sales during the quarter, representing about 23% of the company’s overall transaction volume for that period.

The Affirm Card, launched in 2023, is part of Affirm’s product set and enables users to buy now and pay later. Affirm, based in San Francisco, is also preparing to test Affirm Edge, a product that will embed its BNPL services in mobile banking and digital apps of banks and credit unions. Notably, the Affirm Card was announced in 2021, demonstrating the company’s long-term commitment to developing innovative products.

An analysis by William Blair & Co. analyst Andrew W. Jeffrey describes the surge in Affirm Card usage as promising, emphasizing that the card’s sales volume significantly broadens Affirm’s reach into brick-and-mortar retail spaces.

Affirm’s five largest partners now represent 40% of its total sales volume, down from 44% last year, reflecting the company’s ongoing efforts to spread out its business relationships. Meanwhile, the total number of transactions rose to 56 million, up 34% compared to the same period in 2026.

Average order value decreased 1% to $258. Affirm counts 28.7 million active users as of Sept. 30, a 19% increase. The number of transactions they made increased 19% to 7.3 billion over the trailing 12 month period.

Affirm has significantly expanded its network of merchants, growing to 621,000, a 48% increase, by leveraging partnerships with software vendors and a digital invoicing service. International growth in Canada and the UK accounted for roughly 20% of the quarter’s gains, showcasing the company’s success in scaling through new markets.

Revenue for the quarter hit $1.3 billion, marking a 35.2% rise from the $933.3 million recorded a year earlier. Net income also surged 103.5% to $164.2 million, up from $80.7 million.

Affirm’s growth is attributed to its ability to expand its services and increase its user base. They have been focusing on developing new products and partnerships to drive growth, with the pilot for Affirm Edge expected to begin in the first calendar half of 2027, further solidifying the company’s position in the market.