Affirm Holdings is making waves in the buy-now pay-later (BNPL) sector, gaining 28% in stock value in 2024 despite fierce competition, particularly from Klarna. CEO Max Levchin is spearheading the company's expansion into the U.K., marking its first foray into the European market. With a robust partnership network that includes giants like Amazon and Apple, Affirm has established a strong presence in the U.S. market, holding about one-third of the BNPL volume share. The company’s innovative underwriting technology allows it to responsibly extend credit while maintaining profitability. Affirm's gross merchandise volume soared 35% to $7.6 billion in the last quarter, with expectations to exceed $34.5 billion in fiscal 2025. The launch of the Affirm debit card, now with 1.4 million users, opens new avenues for in-store shopping. Despite the competitive landscape, Levchin remains confident in Affirm's market leadership and its ability to navigate upcoming regulatory changes in the BNPL space.
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