Max Levchin, CEO of Affirm, dispels claims that American consumers are struggling to pay their bills or losing interest in shopping. According to Levchin, Affirm is experiencing robust growth with consumers paying their bills punctually. Data from Adobe Analytics supports this, showing U.S. online spending reached $331.6 billion in the first four months of 2024, a 7% increase from the previous year, with nearly $26 billion of that through buy now, pay later (BNPL) services, up 12% year-over-year. Levchin emphasizes that Affirm has never charged late fees or hidden fees, aligning the company's success with customer financial health. Despite regulatory scrutiny on the BNPL industry, Affirm remains optimistic, integrating with Apple's upcoming iOS 18. Levchin argues that BNPL is a healthier alternative to credit cards, which he criticizes for perpetuating debt through compounding interest. Affirm’s mission is to offer simplicity and control, advocating for a financial system where consumers can manage their debt more effectively.
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