Affirm: The Affirm Card Engine Is Kicking Off

Affirm maintained strong double-digit growth in gross merchandise volume and active users in Q4, driven by robust BNPL adoption and rapid Affirm Card uptake. Affirm is benefiting from massive Affirm Card GMV growth, with the Visa debit card now representing 20% of total GMV. Rising inflation and geopolitical tensions have shifted rate expectations, making near-term Fed rate cuts unlikely and pressuring rate-sensitive fintech valuations. Despite macro headwinds, AFRM’s accelerating product growth and strong Affirm Card momentum reinforce a bullish investment thesis for continued expansion.

BNPL platform Affirm ( AFRM ) is seeing an expanding total addressable market for its core 'Buy Now Pay Later' products, strong origination growth that converts to significant top-line expansion, and a higher profitability baseline.