Affirm: Exploring Key Upside Drivers Post-Investor Day

研报英文原文证据摘录

Affirm: Exploring Key Upside Drivers Post-Investor Day

25 June 2026

Affirm

Affirm Edge Opens Up a Significant TAM

Affirm Edge expands distribution channels

Affirm Edge is a new initiative designed to expand distribution beyond consumers

and merchants to banks and credit unions. Through Affirm Edge, financial

institutions will be able to offer BNPL directly within their own products and

digital surfaces like mobile banking apps. Benefits to these financial institutions

will be around retention and engagement while also keeping BNPL spend

contained in the financial institution’s respective ecosystem. AFRM estimates

that the addressable volume opportunity for this product is ~$140bn annually,

based on ~130m debit first US consumers of which ~54% prefer mobile banking

and benefit from an incremental ~$2k of spend per user. Other key value props

for issuers include:

• Customer retention: Banks and credit unions should see improved loyalty

and capture incremental spending by offering BNPL to their existing

customer base.

• Revenue generation: Issues can earn additional revenue through

interchange on incremental transactions and enhanced rates through

flex credentials.

• Broad BNPL portfolio: Issuers will have access to all of AFRM’s existing

BNPL portfolio of products including term lengths up to 48 months and

~0% APR offers.

• Limited risk: AFRM will also manage all elements of the BNPL offerings

including underwriting and servicing translating to minimal integration

and credit risk.

FIS and FISV first partners for Affirm Edge

Prior to the investor day, AFRM announced that it was partnering with FIS and

FISV as a significant go-to-market channel for Affirm Edge, gaining access to a

large portion of the US debit issuer market. FISV, who processes 25bn+ debit