Investor Forum 2026: Credit Redefined

Research evidence excerpt

Investor Forum 2026: Credit Redefined

May 12, 2026

~65% of eComm transactions and ~45% of in-store POS transactions by

2030. AFRM has integrated into GooglePay eComm, Apple Pay eComm,

Google Chrome Autofill, and Apple Pay in-store, which has translated

to ~$1.7B in wallet GMV TTM, ~2.3M wallet users TTM, ~155% y/y GMV

growth, ~70% higher repeat transactions per user, and ~80% of GMV

coming from non-integrated merchants. Lastly, AFRM will also look to

capture the in-store opportunity with wallets, which have seen ~165%

y/y GMV growth.

●Agentic commerce is on the horizon: Despite agentic commerce being

in its nascency, AFRM sees an opportunity to both build out and scale

an affordability layer where users receive up-funnel messaging and

clear purchasing power limits, and agents can interact across protocols

and merchants. Given AFRM’s ~14 years of underwriting data, we

believe the company is well-suited to bring BNPL into an agentic world.

Lastly, earlier this morning, AFRM announced an expanded partnership

with Google, where AFRM will be a payment option within Google Pay

in Google Search and the Gemini App.

●Tapping into banks with Affirm Edge: Management outlined a new

strategy called Affirm Edge, where the company will be directly

integrating its BNPL offerings into traditional banking applications.

A user will be able to see their transactions, purchasing power,

and custom offers all within the banking app they already use for

everyday finances. We see AFRM Edge adding a credit capability to

regional banks’ core debit offering. Management pegged the total

addressable volume opportunity at ~$140B, driven by ~130M U.S.

debit-first customers, of which ~54% prefer mobile banking, and ~$2K

incremental annual spend per user.

●The next frontier: international.